iBank Focus: Crude Oil Prices to Weaken in 4Q13

Crude oil prices remained under pressure ahead of US opening with the front-month WTI crude hovering around a 4-month low. The market anticipates that the DOE/EIA report due Wednesday would show a 7th consecutive week of increase in US crude inventory. A Bloomberg survey shows that the market has speculated that crude stockpiles gained + 2.2 mmb to 386.1mmb last week with production soaring to the highest level in 24 months.

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iBank Focus: Crude Oil Prices to Weaken in 4Q13