Crude oil recovered but remains under oversupply pressure
May 28th 2015
Crude oil prices recovered slightly above $62 on Thursday after 2 days of sliding, while high U.S. stocks and strong global production, along with a strong dollar, were keeping markets under pressure. In fact, the stronger dollar has raised concerns that U.S. crude supplies may have started rising again. In addition, yesterday the American Petroleum Institute (API) reported that U.S. crude inventories rose by 1.3 million barrels last week, after 3 weeks of decline. And today the investors will monitor the EIA (U.S. Energy Information Administration) weekly report about the crude oil inventory report, which may push the oil to decline again.