Oil Triple Whammy: Inventory Build, Iran Nuke Deal Has Votes, & China Gives Venezuela $5 Billion Loan

by Tyler Durden
ZeroHedge.com
09/02/2015

Following last night’s epic inventory build., according to API, DOE has reported a 4.7mm barrel build but US crude production pluinged 1.4% (lowest since March). However, ths oil complexc has been hit by two other ‘issues’ this morning as Obama captures the votes he needs to confirm the Iran nuclear deal (guaranteeing more oil supply) and China encumbers more Venezuelan oil ($5bn loan) allowing them to keep pumping at below-cost levels. The reaction for now is notable selling pressure…

The Rest…HERE

This entry was posted on Wednesday, September 2nd, 2015 at 11:07 am and is filed under China, Economics, Oil, World Politics. You can follow any responses to this entry through the RSS 2.0 feed.