Oil has slid lower on the back of the very large build of oil stocks as displayed in today’s inventory data from the American Petroleum Institute (API).
The data arrived as a build of +8796K vs +3250K that was otherwise expected by the market. There was, however, a leak that the build would be large this time around and the price started to drop earlier than the release.
The breakdown arrived as follows:
The oil inventory arrived as a build of 8796K barrels for the week. Gasoline -4302K vs -1900K expected with distillates -391K vs -750K expected and cushing -1370K.
WTI Oil went from a steady sideways drift at $41.40/50 to make a beak os the 50 sma on the 1hr sticks and a post data low of $41.03, while the low for the day has been $40.75.
(Market News Provided by FXstreet)