Today's inventory report, showing a large and unexpected build in crude oil inventory in Cushing Oklahoma, has caused a fresh sell-off in crude today. This is despite surprisingly solid compliance with production cuts from OPEC members. The expired contract fell to fresh lows earlier this week; will this lead the new lead contract to do the same? Look at the plunge at the moment the inventory report was released!With so much oil being hoarded globally, and inventory builds occurring in the United States, the largest crude oil market, I don't see that crude oil can rebound in the near future.
