Oil nears a bear market
The U.S. Energy Information Administration yesterday reported that U.S. crude oil production climbed to a record 11.6 million barrels a day in the week ended November 2 and inventories at the Cushing, Oklahoma hub rose by 5.78 million barrels on the week. U.S....
Oil continues to pull back in anticipation of increase in oil inventories in tomorrow’s data
Two down days in a row–a big trend given the volatility in oil price trends recently. As of noon New York time on Tuesday, August 30, October futures for West Texas Intermediate, the U.S. benchmark, were down 1.28% to $46.38 a barrel. The selling comes as a Bloomberg survey showed that traders expect a climb in crude inventories of 1.5 million barrels in the U.S. EIA report due tomorrow.
Oil drops further as OPEC increases production in July
On Tuesday, August 11, West Texas Intermediate fell 4.2% on news that OPEC producers had increased output by 100,000 barrels a day. That’s the highest production since June 2012
West Texas crude enters a bear market again
Energy analysts surveyed by Bloomberg had expected that U.S. inventories of crude oil would fall by 2.2 million barrels in the week ended July 17. Instead, according to figures released yesterday by the U.S. Energy Information Administration, crude inventories increased by 2.47 million barrels
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