Oil prices dropped Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies rose by 3.3 million barrels for the week ended June 2.
The unexpected rise marked the first weekly increase in nine weeks. The American Petroleum Institute late Tuesday reported a drop of 4.6 million barrels, while analysts polled by S&P Global Platts forecast a fall of 3.5 million barrels.
Gasoline stockpiles also climbed by 3.3 million barrels, while distillate stockpiles were up 4.4 million barrels last week, according to the EIA. July crude CLN7, -3.67% traded at $46.55 a barrel, $1.64, or 3.4%, on the New York Mercantile Exchange. It traded at $47.62 before this morning’s data.
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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