Oil Rises on Weak US Supply Speculation

West Texas Intermediate crude traded near a one-week high amid forecast that U.S. stockpiles fell and as Middle East unrest curbs exports.
Futures rose as much as 1 percent. U.S. crude inventories dropped by 1.55 million barrels last week, according to a Bloomberg News survey before tomorrow’s Energy Department report. Libya’s biggest oil terminal remained shut yesterday after briefly reopening, a port official said. South Sudan is working to avoid halting fuel exports planned by Sudan on Aug. 22, according to a Foreign Ministry spokesman.

via Bloomberg

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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