Pre Buy $60 Oil in August 2016

The futures market currently has $60 resurfacing in August 2016. It was October 2015 late last week. Spot prices have broken to a new low following an inventory surge.

Oil hit by stockpile fears; dollar offsets some loss
Industry group American Petroleum Institute (API) said after the market's settlement that crude stockpiles rose by 10.5 million barrels in the week to March 13, far ahead of the 3.8 million forecast by analysts polled by Reuters. If correct, the API number would lift total U.S. inventories to 450 million barrels.

Official inventory data will be issued on Wednesday by the U.S. Energy Information Administration (EIA).

Market participants view the API's number as a precursor to the EIA, although the two have often diverged.

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