Crude Oil Slides as Inventories Rise Beating Market Expectations
Inventories of oil and gasoline rose beating market expectations leading to price slide
Crude oil price inched down after world’s largest consumer of the United States stockpiles increased more than expected.
Brent closed at $85.19 per barrel down by 0.54% while WTI closed at $84.06 per barrel down by 0.70%.
According to American Petroleum Institute figures oil inventories rose 2.3 million barrels in the week ending October 22 versus forecasted 1.9 million barrels.
While street expected a drop in inventories of gasoline and distillate, inventories of both rose by 500,000 barrels and 1 million barrels respectively.
Traders believe oil is overbought by the market and expects to see a profit taking momentum.
