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Breaking: Oil pulls back as inventories and production rise

5:08 PM 14 November 2019

The weekly crude oil inventory data has caused some selling in the oil markets with the headline rising more than expected and production in the US hitting a new record high. 

 

The breakdown of the report was as follows:

 

  • Crude oil inventories: +2.2M vs +1.5M exp. API: -0.5M

  • Gasoline: +1.9M vs -1.3M exp

  • Distillates: -2.5M vs -1.0M exp

  • US production: 12.8M bpd - new record high 

The initial reaction has been negative in Oil, with the market respecting resistance around the 63.30 level once more. Last week’s inventories showed a large build  (+7.9M) and caused a sustained sell-off in the market. Source: xStation

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