PRIBIZCO News: United State Crude Oil Inventories Forecast
Energy Information Administration (EIA) will report Crude Oil stockpiles on weekly base to measure of the change in the number of barrels in stock of crude oil.
This report tends to generate large price volatility, as oil prices impact on worldwide economies, affecting the most, commodity related currencies such as the US dollar.
If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.
Oil Prices trend to be higher if Actual Amount is less than Forecast amount. On previous week, the forecast of -2.875M while actual amount is -4.512M which lower the value of Crude Oil.
On this week, forecast amount remain as -2.67 M, while
actual amount of Crude Oil Inventories will announce on 19Aug2020 10.30pm (GMT+8)
Crude Oil WTI Futures, the U.S. crude benchmark, ended trading Tuesday flat at $42.89, while international
standard Brent Oil Futures crude rose 0.2%, at $45.46.
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