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.