Wednesday, November 11, 2015

Rising US Inventories Drive Crude Oil Prices Sharply Lower

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Crude oil prices fell sharply overnight as rising U.S. inventories continue to be a major theme driving this market, says ANZ in its morning note. “API [American Petroleum Institute] data suggest U.S. crude oil inventories rose 6.3 million barrels last week.” The note adds Iraq has loaded around 10 tankers in recent weeks to deliver crude to U.S. ports in November, which is also increasing pressure on U.S. shale producers. However, prices have bounced off lows in early trading with Nymex prices now up 27 cents at $43.20/barrel, Brent prices are up 27 cents $46.08/barrel. 

Write to Lucy Craymer at

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