Oil Rises on Large Decline in Cushing Stocks

August 17, 2017 Share Print 0

Oil prices rose on Thursday on expectations of a hefty stockpile draw at the U.S. oil storage hub at Cushing, Oklahoma, reversing the previous day’s loses spurred by data showing U.S. crude output at its highest in two years.

Inventories at Cushing, the delivery hub for U.S. crude futures, declined more than a million barrels in the week to Aug. 15, traders said citing estimates from energy industry information provider Genscape.

In the latest week to Aug. 11 for which government data was available, Cushing inventories increased nearly 700,000 barrels.

Reuters

Fed Comment Eyed in Light of FOMC Minutes

U.S Dollar’s Glass Chin

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.

Bio
Twitter
Latest Posts

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.