West TX Oil Remains Above $94

U.S. crude ended near flat, as expectations of more supply from the Middle East and North Africa competed with data and a large drop in stockpiles.

Oil was also constrained by bearish signals from a possible rise in Iranian oil exports. A thaw in relations between Tehran and Western powers has led to speculation that markets could see a boost in Iranian supply.

Crude oil stocks dropped by 7.7 million barrels on the week, capping the largest 7-week drop on record, compared to a forecast of a 0.6 million barrel fall, according to the U.S. Energy Information Administration. Gasoline stocks rose by 6.2 million barrels, more than forecast, while distillate stocks came off by 1 million barrels versus an expected build of 1.5 million.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.