The International Energy Agency says that a full release of committed inventories will provide the market with about 100 million barrels of oil.

The U.S. Energy Information Administration (EIA) reported that U.S. crude oil production reached a new high last week, marking the second consecutive week of record-breaking output.

Morgan Stanley strategists have once again recommended shorting the euro against the Swiss franc, betting that rising risk aversion and higher risk premiums on eurozone assets will weigh on the euro. In a research note published Wednesday, David Adams, Koichi Sugisaki, Andrew Watrous, and Alexander Scholefield wrote that shorting EUR/CHF can serve as a hedge against “further increases in fiscal and political risk premiums” and the risk that the ECB turns more dovish in response to bond market volatility. The strategists stated: “Although the market is highly focused on widening interest rate differentials, the increase in euro risk premiums has not been significant.” The report also mentioned that the Swiss National Bank’s concern about CHF appreciation is a risk factor for the EUR/CHF short trade and could push the currency pair higher. The strategists suggested shorting EUR/CHF with a target of 0.90 and a stop loss at 0.96. The firm continues to recommend shorting EUR/CHF, expecting the euro to generally weaken against most currencies. The strategists believe EUR/CHF is likely to continue its downward trend, though technical and positioning factors indicate that some short-term consolidation may occur.

U.S. Energy Information Administration: U.S. crude oil production rose to a record high again last week, marking the second consecutive week of record-breaking output.

Chevron (CVX.US): Chevron-operated assets in the Gulf of America platforms are maintaining normal production levels.