Oil Algos Unsure As Crude Inventories Pop, Production Drops

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WTI held on to losses overnight (bouncing of $61) after a big surprise crude build (reported by API) trumped geopolitical risk premia from drone attack in Saudi Arabia.

“We’ve become used now to the ongoing supply worries,” IEA Head of Oil Industry and Markets Neil Atkinson said in a Bloomberg Television interview. The latest attacks in the Gulf appear not to have caused any “sustained damage” and the market “remains focused on the underlying fundamentals.”

Additionally, the International Energy Agency said that global oil demand will grow more slowly than previously thought following an economic lull in Asia, while warning that supplies stand to tighten due to U.S. sanctions on Iran.

“Even so, slower demand growth is likely to be

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