Crude oil drops 0.67% ahead of US inventory data release
WTI crude oil fell $0.46 to $67.87, down 0.67%, as markets braced for official US inventory data following yesterday's surprising private API report showing a 7.1 million barrel build versus expectations of a draw. The unexpected increase in crude stockpiles pressured oil prices, potentially impacting commodity-linked currencies like CAD and NOK. Gasoline inventories showed a decline of 2.2 million barrels according to API data. Market consensus for today's EIA release anticipates a crude draw of 2.071 million barrels, gasoline decline of 1.486 million, and distillates drop of 0.314 million. The previous week saw Cushing stocks fall by 1.49 million barrels. A confirmation of the API's bearish surprise could further weaken oil prices and pressure petroleum-exporting nations' currencies, while a contradiction might provide relief to commodity currency pairs.
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