U.S. crude oil stocks rose strongly

Crude oil stocks at Cushing recorded a pronounced inventory build of 2.5 million barrels. Both the Brent as well as WTI figures significantly exceeded expectations.

The official inventory data will not be published by the US Department of Energy until tomorrow because of a national holiday (Veterans' Day). For prices to enjoy a sustained recovery, a sharper fall in US crude oil production is essential, says Commerzbank.

Oil price seemed to be recovering yesterday come under pressure today. Brent has edged down to $47 per barrel and WTI to below $44 per barrel.

 Although the International Energy Agency informed that the supply of oil could tighten in the coming years as a result of fall in investment, the oil market remains considerably oversupplied in the short term, as the inventory data published by the API after close of trading yesterday evening confirmed once again. The figure show that US crude oil stocks increased by 6.3 million barrels last week.