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Oil Lower Ahead of US Crude Inventories

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Oil prices edged lower on Tuesday as concerns over a potential rise in U.S. crude stocks, adding to swelling oversupply, outweighed OPEC comments that a possible production freeze agreement could last longer than expected.

International benchmark Brent crude oil futures were trading down 47 cents, or 1 percent, at $45.48 per barrel by 10:50 .m. ET (1450 GMT), after dropping to $45.09, its weakest level since Aug. 11.

U.S. West Texas Intermediate (WTI) crude futures fell 22 cents at $43.08 a barrel, after falling to a nearly 6-week low of $42.55 earlier in the session.

Analysts polled by Reuters expect U.S. commercial crude oil inventories to have risen 2.3 million barrels in the week to Sept. 16, paving the way for a bearish market reaction because a rise in stocks indicates growing oversupply. The American Petroleum Institute (API) is scheduled to release its weekly crude stocks data at 4:30 p.m. (2030 GMT) on Tuesday.

CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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