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API Report Sends Crude Oil South

The American Petroleum Institute (API) report yesterday confirmed a build of 6.513 million barrels of US Crude Oil. This was against many analysts expectations of a draw-down of 1.4 million barrels , for the week ending November 10. A poll conducted found that 3 analysts expected a rise in inventories, and 8 had expected them to fall. The estimates for the forecasts were far and wide ranging from a draw of over 3 million barrels to a build of over 2 million barrels.

Both WTI and Brent benchmarks were down on Tuesday before the release of the API figures, by almost $2 per barrel under last weeks figures. This was because of the bearish news which was released from the IEA (International Energy Agency), which showed that the oil market isn’t in good health. The IEA has revised its forecast for oil demand in 2017 by 50,000 bpd and in 2018 by 190,000 bpd.

All in all, Crude oil inventories have shed a total of over 30 million barrels since the start of 2017, according to current API data.

WTI was trading at $55.31, which was down 2.56% on the day at 21:27pm GMT. This is almost $2 per barrel under last week’s levels! Whilst Brent was trading down by 2.26% on the day at %61.73.

The U.S. EIA (Energy Information Administration) report on oil inventories is due to be released on Wednesday at 3:30pm GMT.

For more information on Crude Oil, see one of our Traders recent posts.

API report sends crude oil lower

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