Crude Down as EIA Reports Rising US Inventories

by Tim Bonett, KPI Bridge Oil
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.