Unexpected Buildup in U.S Distillate Inventories Offsets Crude Draw Down
U.S crude prices failed to register a rebound from one-week lows at below $45 per barrel even after the U.S. Energy Information Administration reported that domestic crude oil supplies fell by 600,000 barrels last week. The number came in well below expectations of a 4 million-barrel increase in the week through September 9, 2016.
The surprise drawdown in U.S crude stockpiles was outweighed by the large buildup in inventories of petroleum products, which rose by 4.6 million barrels compared to one week ago. Analysts had only expected an increase of 1.5 million barrels.
Sell Stop at 43.80, take profit at 43.30, stop loss at 44.50