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WTI settles lower on inventories data, Fed lift-off overlooked

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Crude oil prices shed most of the last two days gains, following news that US stockpiles skyrocketed again last week, with WTI settling below $36.00 a barrel following Fed’s rate raise.

    WTI crude wavered between $35.30 and $37.34 a barrel and settled at $35.55, down 4.81% on the session. WTI had climbed nearly 10% over the last two days after setting its lowest intraday level since 2009 at $34.53.

    Crude prices were barely affected by the Fed lift-off as the move was mostly priced in. However, crude remains pressured by supply glut concerns.

    On Wednesday, the US Energy Information Administration reported crude supplies climbed by 4.8 million barrels for the week ended Dec. 11. The American Petroleum Institute late Tuesday reported a 2.3 million-barrel increase, also forcing the commodity to resume its slide.
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