Replies to post #271061 on Option Millionaires

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il prices remained lower after key data showed a big increase in U.S. crude stockpiles at a time of continuing global oversupply in this commodity.
Light, sweet crude for November delivery recently lost 89 cents , or 1.9%, to $45.75 a barrel on the New York Mercantile Exchange . Brent, the global benchmark, lost 53 cents , or 1.1%, to $49.16 a barrel on ICE Futures Europe. Losses accelerated at the traditional start of U.S. trading hours.
In its closely watched inventory report, the U.S. Energy Information Administration said crude-oil inventories rose 7.56 million barrels last week, well ahead of the estimate of 2.6 million barrels.
Rising inventories is a bearish sign for the market as the mismatch between supply and demand, which has battered oil prices since last summer, shows few signs of abating.
"The ongoing high level of oversupply on the oil market is blocking any increase in oil prices," analysts at Commerzbank said in note to clients.
Oil briefly rose above the $50 -a-barrel mark last week after a string of oil executives and leaders from the Organization of the Petroleum Exporting Countries hinted a price recovery was on the horizon. But strong output data, including from OPEC itself, and expectations of Iranian oil returning to the world market, coupled with tepid demand from China , rattled market confidence.
Traders who move based on charts were largely behind a speculative move higher, a common trend this year, said Tariq Zahir , managing member of Tyche Capital Advisors . But big growth expected for stockpiles shows the market isn't actually rebalancing, undercutting the rally, he added.
"Everything will come back to the fundamentals sometime," Mr. Zahir said.
He expects large stockpile additions to keep coming. Many refineries go into regular maintenance after the end of the summer driving season.
"It appears that the maintenance is full on and will last well into November, depressing crude demand and depleting product inventories," said Tamas Varga , an oil analyst at PVM.
Jenny W. Hsu in Hong Kong contributed to this article
Write to Georgi Kantchev at [e-mail] and Timothy Puko at [e-mail]

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10-15-15 1107ET
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