19th November 2013
West Texas Intermediate (WTI) crude oil has declined for a second successive session today (November 19th), ahead of the publication of the latest stockpiles figures.
Futures have also been sent lower before a speech from Federal Reserve chairman Ben Bernanke later today. Investors expect him to indicate the central bank will maintain its quantitative easing programme into next year.
Yesterday, prices dropped sharply after Fed policymaker William Dudley said he is becoming "more hopeful" regarding the US economy's recovery, but conceded this is not yet enough to see the bank cut its asset purchases.
It is estimated tomorrow's report from the Energy Information Administration will show US crude stockpiles dropped by one million barrels in the week ending November 15th. Inventories have climbed for the last eight weeks, reaching 388.1 million barrels.
WTI for December delivery dropped by 28 cents to $92.75 per barrel in electronic trading on the New York Mercantile Exchange. The January contract has been more active in recent sessions and shed 13 cents to $93.55 per barrel.
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