Oil benchmarks drop on bearish supply data

Oil prices are trading in the red in Asia as bearish supply data overshadowed the risk-on rally in the financial markets seen after Trump victory.

At the time of writing, WTI oil was down 24 cents or 0.54% at $44.42/barrel. Meanwhile, across the pond, Brent futures were trading flat around $45.66/barrel.

The IEA’s monthly report showed the OPEC members pumped a record 33.83 million barrels a day in October. The IEA also warned that the excess supply conditions could prevail in 2017.

Consequently, the risk-on action in the metals space and the financial markets in general failed to lift the oil prices. The focus today is on the US Baker Hughes number.