https://youtu.be/wZvm75xKklE
Investing.com – U.S. crude stockpiles rose more than expected last week at a time when uncertainty over the supply outlook continued to weigh on prices ahead of the OPEC+ Alliance’s meeting later this week. West Texas Intermediate, the benchmark traded at $83.06 a barrel on the news, after settling down 14 cents at $83.91 a barrel. U.S. crude inventories increased by 3.6 million barrels for the week ended Oct. 39. That compared with a build of 2.3 million barrels reported by the API for the previous week. Economists were expecting a build of about 1.6 million barrels. OPEC+ is expected to maintain its plans to gradually lift monthly production by 400,000 barrels per day despite pressure to ramp-up production to ease the energy crisis. The API data also showed that gasoline inventories fell by 552,000 barrels last week, and distillate stocks increased by 573,000 barrels. The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 2.2 million barrels last week. U.S. oil production for the week ending October 22—the last week for which the Energy Information Administration has provided data—stayed the same at 11.3 million bpd—still 1.8 million bpd below the all-time high of 13.1 million bpd reached right before the pandemic took hold in the United States. NN: This is the 6th week in a row inventories have increased. If we did not have enough oil inventories would be dropping…. They are not…. which means their is no oil shortage… Their is manipulation and their is hysteria. As a fundamental trader these are clarion calls to me.