UFXMarkets : OIL View

Crude Oil – US Inventories Data Set to Impact Oil Prices Today

After reaching a three-month high earlier in the week, the price of crude oil saw relatively little movement yesterday as investors hesitated to open large positions ahead of US inventories data today. The commodity fell some $0.45 during early morning trading, to trade as low as $92.50, before bouncing back to $92.90 during afternoon trading.

Today, in addition to key US employment data which is expected to generate volatility in oil prices, traders will want to pay attention to the US Crude Oil Inventories figure at 16:00 GMT. Analysts are predicting that the figure will come in at -1.9M, which if true, would signal an increase in US demand and boost oil prices before markets close for the weekend.

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