Crude oil steadied in Asian trade today after tumbling overnight in the wake of a surge in stockpiles. The move lower unfolded despite favourable conditions for equities after more hawkish comments from Fed speakers.
Data released overnight saw the American Petroleum Institute (API) report reveal an accumulation of 12.94 million barrels for the week ended October 6th. This was much higher than the 1.3 million increase anticipated and comes after a depletion of 4.21 million prior.
