Oil Hits 5 Month Low on Supply Glut

U.S. crude fell to a nearly five-month intraday low Thursday as the market weighed a burst of optimistic news on demand against the global overhang of physical oil.

Stockpiles of U.S. crude and gasoline fell last week, data from the Energy Information Administration (EIA) showed on Wednesday, bolstering sentiment about the U.S. market.

But U.S. crude futures turned negative as problems with a major refinery in the U.S. Midwest cast doubt on the country’s ability to process its own crude oil.

About Alfonso Esparza

Senior Currency Strategist, OANDA, Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto. Follow on Twitterand on his Google+ profile.

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