Crude Price Declined as Inventory Surprisingly Increased, Exacerbating Oversupply Concerns

Crude oil declined as US inventory surprisingly increased. This upstaged the unexpected drop in gasoline stockpile on higher demand. The front-month contract for WTI fell -2.32% while the Brent crude contract dropped -1.6%. Gold extended the recent decline, falling to a fresh 5-year low as long-term bulls continued to liquidate their positions and as US dollar strengthened.

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Crude Price Declined as Inventory Surprisingly Increased, Exacerbating Oversupply Concerns