Oil prices continued to trend lower on the session as inventory data from the United States outweighed news that the Houthi Rebels had managed to move into a Yemeni military base on the important Bab el-Mandeb Strait. API crude stocks showed that US stockpiles rose by 5.2 million barrels, beating expectations of 3.5 million barrels, as the streak for rising inventories hits 12-straight weeks. This saw crude prices fall modestly, but the gains in inventory were slightly overshadowed by continued wrangling over a nuclear accord with Iran. The nation has until this morning to agree to a framework deal with the P5+1 which remains elusive. Aside from the nuclear negotiations, today’s EIA inventory figures will likely confirm a build that exceeds forecasts once more as storage space fills rapidly.
Iran Negotiations Hit a Wall
Daily Analysis - 01/04/2015