Oil prices fed into the fears of stock market volatility and now suddenly fears a U.S. production increase. The U.S.

Quote of the Day

He who trims himself to suit everyone will soon whittle himself away.

Raymond Hull

U.S. business inventories unexpectedly rose in September amid flat sales, suggesting the government's third-quarter economic growth estimate could be revised higher later this month.

Now it seems that we may have some better insight as to why European Central Bank official, Benoît Coeuré, is talking about front loading its quantitative

In skating over thin ice, our safety is in our speed.

Ralph Waldo Emerson

From a technical perspective all of the commodities in the oil complex hit a top several days ago and have been drifting lower since peaking after a long run to the upside that began in early February.
West Texas Intermediate crude rose for a second day on speculation a report will show distillate inventories fell amid cold weather.
It was so cold the politicians kept their hands in their own pockets. It was so cold the Kardasians put some clothes on. Yet where you really could tell it was cold was when you saw the Energy Information Administration petroleum and natural gas reports.
Record demand and production curtailed by cold still allowed natural gas to close at a new high for the year but not really breakout from overhead resistance.
Oil prices, especially Brent, are being driven by an easing of the major geopolitical events in the MENA region. Libyan production is continuing to hold steady around the 650,000 bpd level.