Oil Rises As Inventory Expected to Decline

January 8, 2014 Share Print 0

West Texas Intermediate rose for a second day on speculation government data will show crude stockpiles declined a sixth week in the U.S., the world’s biggest oil consumer.

Futures climbed as much as 0.5 percent in New York. Crude inventories fell by 2.75 million barrels last week, according to a Bloomberg News survey before an Energy Information Administration report today. The coldest U.S. weather in almost 20 years also signaled fuel demand may gain. In Iraq, al-Qaeda and allied fighters vowed to resist government forces trying to retake towns Prime Minister Nouri al-Maliki says are under the terrorist group’s sway.

via Bloomberg

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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.