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Oil turns lower despite bullish inventory numbers

Published 08/16/2017, 03:10 PM
© Reuters. Oil turns lower despite bullish inventory numbers; bond yields fall as well
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  • The EIA this morning and API last night both reported far larger declines in stocks than had been expected. The data made for an early bump for black gold, but that's steadily reversed throughout the day, leaving WTI crude down 1.5% to $46.84 per barrel. USO -1.6%
  • In another interesting reversal, interest rates have moved lower since starting the day on the rise. The 10-year yield is now down five basis points to 2.228%. Released at 2 ET, minutes from the FOMC's late-July meeting provided manna to both bulls and bears on fixed income. Some are worried about too-low inflation and wouldn't mind amping up the caution on more rate hikes; others (the ones in charge at the moment) are ready to hike again in September and begin paring the bloated balance sheet. TLT +0.45%, TBT -0.9%
  • Now read: Dow 30,000, Not If Demographics Have Anything To Say

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