Oil Slips as Crude Oil Inventories Surge

WTI and Brent crude futures both traded lower into the close Friday. Futures contracts shed just over 1% apiece, with the (delayed) DoE crude oil inventories adding some weight after the data showed a 4mln build in headline crude stocks vs expectations for a draw of near 2mln bbls. This was countered somewhat by decent draws in Cushing OK reserves and gasoline stocks, but oil remained heavy into the close.

Gold and silver dropped into the Friday close but respected recent ranges as the USD firmed in currency space. While equities slipped globally, gold saw little safe haven bid - indicating that the pullback in stocks was largely profit-taking rather than a real swing in sentiment.