Oil Plunges Off Of 18-Month Highs On Surprise Inventory Build

NYSE:USO December 29, 2016 6:53am

oil drum
From Tom Kool: Oil prices fell late yesterday after hitting 18-month highs as oil markets are anticipating OPEC cuts that are expected to be made starting January 1 next year. The American Petroleum Institute’s (API) weekly report showed build of 4.2 million barrels to the United States’ commercial crude inventories, instead of an expected 1.5 million-barrel draw.

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