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Oil Price Falls as Gas Stockpiles Rise Even as Crude Supplies Drop

Oil futures fell further on Wednesday after the U.S. Energy Information Administration reported an unexpected fall in last week’s crude supplies along with a surprise increase in gasoline supplies. Crude supplies fell 600,000 barrels for the week ended May 10. Analysts polled by Platts expected a 300,000-barrel climb. Gasoline supplies climbed by 2.6 million barrels, while distillate stockpiles added 2.3 million barrels. Gasoline stockpiles were expected to fall by 800,000 barrels, while forecasts called for a climb of that same amount for distillates. Following the latest data, June crude traded at $92.31 a barrel, $1.90, or 2%. It was trading around $92.63 shortly before the report. The American Petroleum Institute reported late Tuesday a 1.1 million-barrel rise in crude supplies.

via Marketwatch [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
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