Bad day for oil as inventory figures rained on bulls parade
|Yesterday was a bad day for oil, not because it fell but more as it started brightly moving up on general news from Russia and sundry participants that a roll over was increasingly likely at the May meeting. During the day announcements from Libya that it was increasing production (something to be taken with a large pinch of salt as a rule at the moment) and the the inventory figures rained on oil’s parade.
April WTI expired yesterday and May (above price) was already a bit weak, this morning Brent is down 72 cents so flirting with the key $50 level which the chartists hate. So, those API stats showed a build of 4.5m barrels, more than the expected 2.8, and although gasoline stocks drew by a bigger than expected 4.9m barrels the market was disappointed. Stand by for EIA tonight…
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.