Crude oil prices are trading either side of unchanged so far this morning after the Russian Oil Minister lowered expectations of any OPEC/non-OPEC deal or even a scheduled meeting.
Oil prices are moving lower after a surprise crude oil build reported by the API last evening as well as in anticipation of the U.S. Federal Reserve announcing an interest rate hike at the conclusion of their meeting today.
Ahead of today’s Energy Information Administration inventory snapshot the market is mixed with WTI slightly higher and the rest of the energies complex lower.
Tuesday's trading was a prime example of the strong upside sentiment permeating in the crude oil complex. Genscape reported a huge build in Cushing, Okla., crude oil inventories and after a short lived round of selling the market recovered all its intraday losses and closed higher on the day.
