Inventories of Crude Oil released earlier by the Energy Information Administration stated that U.S. crude oil refinery inputs averaged over 15.1 million barrels per day during the week ending 24th October 2014, 79,000 barrels less per day than the previous week’s average. Inventories fell for the first time below estimates since the 1st October data. Light Crude Oil futures fluctuated below $82.65.
The FOMC meeting minutes showed that inflation slowdown concerns in the U.S were due to falling energy prices and should not be alarmed. In what turned into a hawkish tone Light Crude Oil ended its correction towards $82.80 and fell towards $81.70