Oil Drops As Inventories Rise Unexpectedly

West Texas Intermediate crude fell to a 12-week low as inventories unexpectedly rose last week and demand slipped.
Prices slid for a fifth day after the Energy Information Administration reported stockpiles increased 2.64 million barrels. Analysts had forecast a 1 million-barrel decrease. Gasoline consumption declined 2 percent to 8.85 million barrels a day. WTI also followed losses in equities on concern that lawmakers won’t reach a deal to avoid a government shutdown.

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