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 Lucy.Craymer@wsj.com
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