Oil Action: NYMEX crude
Oil Action: NYMEX crude held above Tuesday's one-week low of $57.42, bottoming at $57.47 in London. The API reported a 1.8 M bbl build in weekly U.S. crude stocks after the close on Tuesday, versus forecasts for a 2.0 M bbl draw. This weighed on prices, though the market will look to the 10:30 EST release of EIA data for corroboration. Focus will quickly shift to the OPEC meeting in Vienna tomorrow, where expectations are for an extension of the current output cap through 2018. The risk factor will come from Russia, which has not revealed its intentions so far. Report have indicated that Russian oil producers are pushing to increase domestic production sooner than later, with the thinking being that if oil prices stay high, U.S. shale producers will become more economically viable, and will flood the market with ramped up production.