Oil Retreats After Higher than Expected Inventories Reported

West Texas Intermediate crude pared gains as U.S. supplies unexpectedly increased last week.
U.S. inventories rose 431,000 barrels, the Energy Information Administration reported. Analysts surveyed by Bloomberg had expected a decrease of 2.45 million. Stockpiles tumbled 29.9 million in the four weeks ended July 19, the biggest such decline since 1982. Prices headed for their biggest monthly rally since August as the U.S. economy grew more than projected in the second quarter.

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