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Crude oil futures trade weaker

Crude oil futures fell today, following the latest inventory releases having reported that oil stocks in the U.S. were greater compared to the expectations.

Crude oil rises 5.3 million barrels

The crude inventories in the U.S. climbed 5.3 million barrels, for the week that ended Nov. 11, thus surpassing the forecasts for a rise of 1.5 million barrels.

The appreciation in inventories was the outcome of the average 910,000 barrels per day, thus leading to higher imports, based on the latest release by the Energy Information Administration earlier today.

Furthermore, the benchmark WTI crude in the U.S. traded to $45.47 a barrel, thus reporting a drop of 0.22% or 10 cents, while the European ICE Brent crude futures traded to $46.52 per barrel, declining 0.24% or 11 cents.

Moreover, the Australian bank ANZ stated that crude oil aimed to remain above water, amid the crude oil stocks jumping 5.27 million barrels.

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Thursday, 17 Nov, 2016 / 8:10

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Source : https://www.argusfx.com/en/research-education/market-analysis/news/crude-oil-futures-trade-weaker

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