OIL sharply down ahead of the key report

14:48 17 October 2018
OIL prices are sharply down on Wednesday ahead of the key DOE report on inventories. OIL (Brent) is down 1.4% and OIL.WTI loses as much as 1.8% with 45 minutes left to the release of the report as traders are concerned about growing supply from the US. The EIA said it expected a significant production increase from shale next month. Yesterday’s API showed an unexpected draw of inventories of 2mb but the question is if it’s confirmed by the DOE. The consensus sees an increase of 1 million barrels. Normally, higher than expected inventories are negative for oil prices.  

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