Crude likely to decline as supply concerns resurface – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that WTI Crude might resume its fall on supply concerns, expecting today’s numbers to show an increase in supply by 3million barrels, adding to the 6 million barrels increase already reported by the API.

Key Quotes

“WTI Crude prices are likely to resume fall after the American Petroleum Institute said the crude stocks in the US stocks rose more than 6 million barrels last week.”

“Furthermore, the US Energy Information Administration, which is due to be released today, is likely to report that crude-oil supplies rose by 3.7 million barrels last week.”

“Moreover, crude stocks are already at three-decade highs in the US.”

“Thus, further additions is likely to weigh on Crude prices and the Canadian Dollar.”