West Texas Intermediate traded near a three-month low amid speculation about a gain in oil inventories and concern that the U.S. government’s first shutdown in 17 years will slow economic growth and demand for crude.
Futures dropped as much as 0.6 percent, poised for the lowest close in three months. The U.S., the world’s biggest oil user, began halting some official operations because of a budget stalemate yesterday. Crude stockpiles climbed by 4.55 million barrels last week, the industry-funded American Petroleum Institute said, while data from the Energy Information Administration today may show supplies gained 2.5 million barrels, according to a Bloomberg News survey.
via Bloomberg
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza
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.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019