Crude Oil Down Ahead Of Stocks Data

Crude oil is firmly entrenched below $50/barrel this morning, down $1.36 at $47.79/barrel, ahead of stocks data from the US Energy Dept. due later this afternoon.

Crude stocks are expected to have risen around 1.5 million barrels. That would be the 24th increase in the last 28 weeks, taking US stocks to around 361 million barrels, the highest since 1993.

As global demand continues to slump, data is also expected to show US refineries operating at just 81.7 percent of capacity.