Crude Oil Slides After Largest US Inventory Build in 3.5 Years
US crude inventories posted their biggest weekly increase in three and a half years, pressuring oil prices even as two agencies described the physical market as short.
CL
US crude oil inventories recorded their largest weekly build in three and a half years on Wednesday, according to data landing during the session.
The increase hit a market that two forecasting agencies had described the same morning as physically short. Crude prices subsequently moved lower.
- Weekly US crude stockpile build was the largest in 3.5 years
- Two agencies had called the physical market short earlier that day
- Oil prices sold off following the data
Source: FXStreet Forex News