A recent survey of industry insiders indicates that US crude oil inventories have increased and are approaching a one-month high. The slowing demand for energy adds further to the evidence that the US economy is retreating.
“These inventory numbers are getting too big to ignore, particularly because this is the case across the board,†said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “At the very least they will present the market with a strong headwind.â€
Source: Bloomberg
