Oil traders take advantage of good EIA inventory stats
|The traders took advantage of the better than expected EIA inventory stats to buy crude and the futures yesterday in what was described as a ‘thin’ market. It may be a dead cat bounce, only time will tell but maybe $60 for WTI and $63 for Brent are levels we shall see.
The EIA stats showed a build in crude of only 1.84m barrels less that the whisper of +2.7 and the API number of 3.9m so fears of a massive build were allayed. Further comments regarding adhesion to quotas also pacified the market.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.