US Inventory Report Reminds the Problem of Oil Surplus

With little new developments in the geopolitics front, the market's focus returned to oil market. The selloff of energy prices, driven by the less-than-expected drop in crude oil inventory and the surprising increase in gasoline stockpile, dragged equities and commodity currencies lower. The front-month WTI crude oil contract plunged to a 2-week low of 50.09 before settling at 50.44, down -3.76%, while the Brent contract fell to as low as 52.58 before ending the day at 3.57%.

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US Inventory Report Reminds the Problem of Oil Surplus