Oil Drops After Supplies Increase

West Texas Intermediate declined as a government report showed U.S. crude inventories rose more than expected last week.

Prices dropped as much as 1.1 percent. Stockpiles climbed 6.42 million barrels in the week ended Jan. 24, the Energy Information Administration reported. Analysts surveyed by Bloomberg had expected a gain of 2.25 million. WTI also fell as equities declined and on speculation that the Federal Reserve will announce a cut in economic stimulus 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