Oil Pares Strongest January Since 2013 on U.S. Supply Outlook - Bloomberg

Oil Pares Strongest January Since 2013 on U.S. Supply Outlook - Bloomberg:

"Oil slipped for a third day in New York, continuing its retreat from a three-year high, on estimates that U.S. crude stockpiles increased last week.

West Texas Intermediate futures fell 0.5 percent, bringing their monthly advance to 6.2 percent. Data from the U.S. Energy Department is forecast to show that inventories probably rose by 900,000 barrels to 412.5 million, according to a Bloomberg survey.

“Strong U.S. crude supply growth and deteriorating inventory dynamics” could “trigger a sentiment shift and unsettle the record speculative length in the oil market,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich."



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