Oil May Retreat on Speculation Over Stockpiling

Bloomberg reported that oil prices may retreat due to speculation that nations are stockpiling oil at the fastest rate in 14 years.

As quoted in the market news:

OPEC pumped 2.1 million barrels a day more than projected demand in April through June, the biggest overproduction for any quarter since 1998, the International Energy Agency estimates. The increase has been overshadowed by focus on U.S.-led sanctions against Iran’s oil exports, Citigroup Inc. said. Brent will fall to $93 by September and $83 by year-end, according to the Centre for Global Energy Studies.

Click here to read the full Bloomberg report.