The American Petroleum Institute (API) has spoken. They report an inventory of 11.6 million barrels in United States crude. This goes against predictions that domestic supplies would see an escalation of 1.4 to 1.66 million barrels. This being aid, the build in crude oil inventories was almost 10 times what analysts had predicted involving what amounts to a 10-week cumulative build of 35 million barrels, per API data, since the beginning of 2017. Mind you, it’s only March.
Libya Foreign Press
Russian President Vladimir Putin
Libya has suffered production problems, however, these issues were offset by Russia’s less than 50 percent adherence to production cuts and Vladimir Putin cannot escape blame. At 2:11 pm Eastern Standard Time this author witnessed WTI as trading down .04 percent at $53.18 — approximately $.80 down from the previous week.