Oil stabilizing the supply after big API build

By FXStreet Oil has started to stabilize after a spike lower on the back of the build in API data.

WTI Oil was at $40.07 as Europe entered and by the end of the London shift, the price had a look in at $42.00 while the price expected to $42.22 in the US before the data pressured oil down to $41.51.

The build was much more than expected at 1.9m bbls. The crude build came in as 6.223 mln barrels with the Cushing draw in at 1.93 million barrels, gasoline draw 1.58mln barrels and distillate draw 530K bbls.

Expectations for the EIA tomorrow is a build of 733.33Kbbls for US Crude Oil Inventories.
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Source:: FX Street