Oil price continues to rise between two contradictory US inventory reports
The inexplicable fluctuation of crude oil continued on Thursday, perhaps fuelled by the anticipation of a potential move by the US to calm the crude oil markets. As of 14:45 on Thursday, the price of WTI and Brent were at $81.83 and $83.19 respectively. The US crude oil inventories, according to the industry-funded API, American Petroleum Institute, fell down by 2.485 million barrels for the week ending November, 5; it was significant on Tuesday for the crude oil market watchers, as the good news came after six weeks of inventory builds. On Wednesday, however, the EIA, the US Energy Information Administration, contradicted the short-lived positive perception with its own data; the crude build, according to the EIA, continued for the seventh successive week, for the week ending November, 5, with over 1 million barrels. In response, the oil price fell during the early hours of trading on Thursday, although prices recovered later on the day. At present, there is a palpable a