Brent crude dropped to its lowest level in more than four months amid rising stockpiles in the U.S. and after the European Central Bank unexpectedly cut its benchmark rate to a record low.
The North Sea grade was down as much as 1.2 percent and heading for a third day of declines. U.S. crude inventories increased for a seventh week, expanding by 1.58 million barrels to 385.4 million, according to the Energy Information Administration. The dollar strengthened against the euro after the ECB cut its main refinancing rate.
via Bloomberg
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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.
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