Oil drops on record high US stockpiles

By FXStreet Oil prices dropped in the European session as investors got a wakeup call regarding the excess supply issue after the data in the US showed record high stockpiles.

At the time of writing, WTI oil futures were down 1.6% or 54 cents at $33.85/barrel. Brent futures were down 0.60% or 24 cents at $33.84/barrel.

For past few days, oil remained on a front foot on speculation the OPEC and non-OPEC producers would meet and reach a production freeze agreement.

However, a reality check hit the markets after the American Petroleum Institute (API) figure released in the NY session showed a record high buildup of inventories.

Oil traders now await the US government inventory data.
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Source:: FX Street