American Petroleum Institute: Oil stocks rose by 14.3 million barrels last week, industry group the American Petroleum Institute showed late Wednesday. That was much more than the small increase that many economists had been expecting. , according to Canadian Broadcasting Corporation. "The inventories were the trigger for the sharp correction lower," Carsten Fritsch, an oil analyst at Commerzbank in Frankfurt, said. "The focus is again back on the oversupply the big question is for how long?" Oil prices resumed their slide on Thursday as new inventory data confirmed that North American oil producers aren't cutting back production, which may mean the glut isn't going anywhere. Traders and pumpers are hoarding oil in storage in an attempt to wait out low prices. But with more coming in every day, the balance between supply and demand isn't settling.
(news.financializer.com). As
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Tagged under Commerzbank, Oil prices topics.