OANDA - Oil futures commentary

News   •   Nov 03, 2016 00:44 +08

Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA. For direct comment, call Jeffrey at +65 9457 1849 or email jhalley@oanda.com 

No respite for crude overnight, as both Brent and WTI finish near their lows following the American Petroleum Institutes (API) inventory numbers late in the New York session. After weeks of surprise draw downs, the API put the boot into oil with a massive 9.3 million barrel increase against an expected 1 million fall.

WTI is clinging to $46.00 into early Asia trade with Brent hovering at $47.00. Both have now given back the majority of their OPEC driven gains.

Traders will be nervously watching the more important US EIA Crude Inventory numbers tonight, with a large increase most likely seeing WTI testing the important $45.00 region and Brent $45.50.