Oil Drops Amid High Inventories and Low Demand

West Texas Intermediate swung between gains and losses as it headed for the biggest weekly decline since June, amid speculation that record U.S. crude production will further bolster stockpiles.
Futures traded in a 66 cents-a-barrel range in New York after gaining for the first time in four days yesterday. Government data this week showed the U.S. pumped crude at the fastest rate since 1989, while stockpiles rose during the U.S. fall refinery maintenance season to the highest level since June. Saudi Arabia, the world’s largest oil exporter, is reducing shipments in response to a possible surplus in supply, according to data from a tanker tracker yesterday.

via WTI Oil Swings, Poised for Biggest Weekly Loss Since June – 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