The US Energy Information Administration data showed an unexpected rise in crude supplies, reporting a gain of 1.177 million barrels in stockpiles for the week ending November 27th. Forecasts anticipated a decline of 0.471 million barrels with oil prices dropping after data obtained underlined that supply continues to outpace demand by a wide margin. The global glut of crude has weighed on the industry for over a year and shows few signs of abating as major producers, both inside and outside of OPEC, give few indications of cutting output. Fuel inventories in Cushing rose by 3.100 million barrels, raising the total American stockpiles in storage to 489.40 million barrels. Brent fell to $43.45, nearing its low price of mid-November while WTI mirrored the move, dropping briefly below $40.00 per barrel before settling the session at $40.80. Investors look toward OPEC’s upcoming meeting but few expect the cartel to adjust policy.
Stagnant EU Inflation
Daily Analysis - 03/12/2015