Oil Drops After Supply Confirmed To Be Growing

West Texas Intermediate traded near its lowest closing price in a week after the American Petroleum Institute reported that U.S. crude supplies expanded. Brent was steady as Russia called for an end to violence in Ukraine.

Futures were little changed in New York, paring earlier gains of as much as 0.4 percent. U.S. crude inventories rose by 3.49 million barrels last week, the industry group said. Government data today may show a gain of 500,000 barrels, according to a Bloomberg News survey. Russia called for “emergency” measures to halt violence in eastern Ukraine after separatist militias suffered the heaviest casualties of their insurgency.

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