Oil back below $45.00 after EIA inventory data

FXStreet (Córdoba) - Crude oil retraced completely its intraday advance and fell back below $45.00 a barrel after data showed US crude oil stocks increased more than expected last week.

Amid concerns of global supply glut, EIA data showed that despite US oil production dropped 1.3% to its lowest level since February, crude oil inventories increased by 4.667 million barrels in the week ended Aug 28, versus expectations of around 0.8 - 0.9 million barrels. On Tuesday, the American Petroleum Institute (API) said supplies rose 7.6 million barrels.

Crude oil retreated back to the $44.50 zone after data, having reached a high of $46.32/bbl earlier on the day.