Oil Prices Keep Falling After US Inventories Show a 3.6M Barrel Buildup

November 28, 2018 Share Print 0

Oil prices extended losses on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.

U.S. crude stockpiles rose by 3.6 million barrels in the week through Nov. 23, the U.S. Energy Information Administration said on Wednesday. That compared with analysts’ expectations for an increase of 769,000 barrels in a Reuters poll.

Brent crude, the global benchmark, was down 87 cents, or 1.4 percent, at $59.34 a barrel by 10:35 a.m. ET (1515 GMT), after trading as high as $61.27. U.S. West Texas Intermediate crude fell 53 cents, or 1 percent, to $51.03.

Stockpiles at the Cushing, Oklahoma delivery hub for WTI crude rose by 1.2 million barrels, EIA said.

via CNBC

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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.