U.S. rebounded above $40 after falling below the mark earlier this morning for the first time since August.
WTI initially fell after an Energy Department report showed oil inventories on the rise once again.
The Houston Chronicle reported that “U.S. crude inventories have steadily grown for 10 consecutive weeks since the middle of September. During that time, prices have fallen from highs near $50 per barrel to as low as $40 per barrel. Crude briefly traded below $40 per barrel on Nov. 18.”
The Chronicle further made mention that last week, “light trading ahead of Thanksgiving coupled with the downing of a Russian aircraft by Turkey reversed the slide, sending prices up to $43.04 per barrel on Nov. 25. But with traders now watching oil storage levels rise again, and anticipating the Organization of the Petroleum Exporting Countries meeting in Vienna on Dec. 4, prices have resumed their fall.”