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Oil settled lower on Tuesday after touching one-month lows, then fell further after hours. The American Petroleum Institute reported a U.S. crude inventory build of 9.3 million barrels for the week to Oct.
28, far above the roughly 1 million barrel build analysts expected. Doubts over whether OPEC members would cut production also weighed on prices.
A large unexpected build in US crude stocks signals weaker demand relative to supply, which pressures crude and energy-linked prices. Weaker energy values reduce support for biofuel-linked demand for corn and soybean oil.
reuters.comBarani KrishnanNov 1, 2016After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
