Oil Rises on Lower Inventory Expectation

West Texas Intermediate extended its advance from a seven-month low in New York, heading for the biggest gain in almost a week before data forecast to show U.S. crude inventories fell. Brent was steady in London.

WTI advanced as much as 1.4 percent, halting a three-day decline. U.S. crude inventories probably shrank by 1.5 million barrels last week to 358.1 million, according to a Bloomberg News survey before a report from the Energy Information Administration tomorrow. Brent’s premium to WTI shrank to the least in a week amid speculation that a cease-fire in eastern Ukraine allays the risk of a disruption to the region’s energy supplies.

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