Crude Oil Tumbling After Huge Inventories Build

Crude Oil Tumbling After Huge Inventories Build

24 March 2016, 14:56
Roberto Jacobs
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Crude Oil Tumbling After Huge Inventories Build

Crude oil futures fell Thursday morning as the US dollar continued to strengthen versus major rivals.

US crude inventories unexpectedly jumped yet again last week, defying speculation that the nation's supply glut may have eased.

The U.S. Energy Information Administration (EIA) said crude stockpiles rose 9.4 million barrels last week.

May crude oil slipped 83 cents, or 2 percent, to $38.96 a barrel.

At 8:30 am ET, the Commerce Department is scheduled to release its durable goods orders report for February. Economists expect a 3 percent month-over-month drop in new orders.

The material has been provided by InstaForex Company - www.instaforex.com

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