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Oil Dips After Buildup in Oil Inventories -Breaking

by Mike Robinson

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© Reuters.

By Gina Lee

Investing.com – fell following larger than expected increases in crude oil stockpiles and fuel inventories in the U.S.

By 10:16 ET (2:16 GMT), the price of $85.01 dropped 0.76%, to $83.98. The cost of $83.98 fell by 0.79% at $83.98

American Petroleum Institute statistics showed that crude oil inventories rose by 2.3 Million barrels during the week to Oct. 22, exceeding the expected gain of 1.9million barrels. Also, gasoline inventories rose by 500,000 barrels while distillate stocks rose by 1,000,000 barrels. Both were predicted to fall.

The analysts believe prices are becoming overbought, as Brent has risen in recent weeks while WTI is climbing for the past 10-weeks.

Craig Erlam is a senior analyst with OANDA. “Except for more bullish headlines (which could be considering yesterday’s events), we might see profit-taking in Brent or WTI, which would prove to be healthy for market,” he said.

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