Oil Drops After US Inventory Rises for 1st Time in 6 Weeks

October 13, 2016 Share Print 0

Crude oil prices fell on Thursday after government data showed the first rise in U.S. crude stockpiles in six weeks as refinery inputs fell.

Inventories rose by 4.9 million barrels to a total of 474 million barrels in the week through Oct. 7. Analysts’ expectations were that crude stockpiles had risen by 300,000 barrels.

That was also a larger build than the private American Petroleum Institute reported on Wednesday. It said U.S. crude inventories rose by 2.7 million barrels.
Offsetting the crude build, U.S. gasoline stockpiles fell by 1.9 million barrels, and distillate fuel oil in storage dropped by 3.7 million barrels.

Brent crude futures were trading down 43 cents at $51.86 per barrel at 11:03 a.m. ET (1503), up 15 cents from their previous close. U.S. West Texas Intermediate (WTI) crude fell 46 cents to $49.72 per barrel.

via SOURCE

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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.