Oil Drops After High Inventories Expected

West Texas Intermediate fell from the highest closing price this month amid speculation crude inventories rose to the most since June in the U.S., the world’s biggest oil consumer.
Futures slid as much as 0.9 percent after two days of gains. Crude stockpiles climbed for an eighth week, adding 500,000 barrels in the period ended Nov. 8, according to a Bloomberg News survey before a report from the Energy Information Administration this week. Iran and the United Nations signed their first accord in six years yesterday, giving monitors broader access to nuclear facilities in the Persian Gulf nation. The U.S. will become the largest oil producer by 2015, the International Energy Agency said today.

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