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Oil Trades Near Seven-Month High as Supply Losses Tame Surplus

Posted by Chris Advincula on May 17, 2016 7:18:51 AM

(May 17 Tuesday - Bloomberg) Oil traded near a seven-month high on speculation that U.S. crude stockpiles declined last week while supply losses in Canada and Nigeria whilttled away the global excess.

West Texas Intermediate was little changed in New York, while Brent erased gains as it neared $50 a barrel for the first time since November. Inventories probably fell by 3.5 million barrels, the first two-week decrease since September, according to a Bloomberg survey before goverment data Wednesday. Wildfires in Canada came to within a kilometer of an Enbridge In. oil-sands as warm weather and wind spread the flames.

Click on the link below to see the full story from Bloomberg. (by Ben Sharples & Grant Smith)

Oil Trades Near Seven Month High

OIL.5.17.2016.jpg

 

Topics: crude oil, Forex, WTI, USOIL, Fundamentals

 

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