World News
Crude Down as EIA Reports Rising US Inventories
Wednesday August 24, 2016
The recent headlines regarding a positive OPEC meeting met stiff headwinds today as the EIA reported US inventories rose across the board.
The build in crude inventories caught traders off guard and cast a gloomy cloud over the market today.
Weaker demand expected out of China may send prices closer to $45/bbl in the near term but expect any news ahead of the much anticipated OPEC meeting to add to volatility.
Bunker prices were soft in the primary ports.