WTI crude oil is down 22 -cents to $76.07 after earlier trading as high as $77.88.
The sharp round of selling comes ahead of the latest weekly US storage data from the EIA. The consensus estimates are:
- Crude -933K
- Gasoline +229K
- Distillates -394K
However there are whispers of a +7 million barrel build and I think that's weighing. OPEC+ worries also continue to mount, though there are reports that tomorrow's meeting will go ahead. That indicates that at least some consensus has been reached.
Late yesterday, the API reported:
- Crude -817K
- Gasoline -898K
- Distillates +2806K
The numbers are out at the bottom of the hour.
