Oil Action: WTI futures are 0.7% for the worse
Oil Action: WTI futures are 0.7% for the worse, at $57.59, though the intraday low, at $57.49, fell shy of yesterday's one-week low by 6 cents. Weekly U.S. inventories unexpectly rose by 1.8 M barrels according to the API measure. The median expectation had been for a 2.3 M barrel drop, and markets will now look to the official EIA data later for confirmation. There is also a Reuters report, citing OPEC sources, saying that tomorrow's meeting of the cartel and other key crude producing nations, is likely to include a an option to review, in June 2018,, the expected deal to extend production cuts beyond March next year. Russia is reportedly concerned that a robust extension of the supply curtailment program would risk crude prices spiking, which in turn would drive the rouble higher and weaken Russia's trade competitiveness.