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API Data Said to Show Weekly Crude Supplies up 6.3 Million Barrels

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The American Petroleum Institute reported that crude supplies jumped by 6.3 million barrels for the week ended Nov. 6, according to sources late Tuesday. A Platts survey of analysts forecasted an increase of 500,000 barrels. Following the data, December crude was at $43.63 a barrel in electronic trading, down from the $44.21 settlement on Nymex. The more closely watched EIA report is due Thursday, a day late because of Wednesday’s Veterans Day holiday.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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