Crude Oil Inventories have more than doubled estimates*, as the price of WTI fell to $87.39 during the U.S session. Brent oil has also fallen to the lowest in 27 months on the back of the pessimistic global forecast by the IMF. Investment by shale-oil drillers could nosedive should brent crude drop to $80 a barrel, choosing to stop production due to the lack of economic incentives. The Organization of Petroleum Exporting Countries (OPEC) boosted production in September to the highest in a year.
*U.S. crude oil inventories, measuring the change in the number of barrels of crude oil held in inventory by commercial firms during the past week, expanded by 5 million barrels