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Oil drops in Asia on bigger-than expected inventory build

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil benchmarks on both sides of Atlantic halted its 2-day rally and turned negative in the Asian session this Wednesday, as the sentiment was hit by a bigger than expected jump in the crude reserves.

    EIA report to show withdrawals

    Currently both crude benchmarks are trading mixed, with WTI down -0.70% to 34.17 while the Brent oil trades marginally higher at 36.89. Both crude benchmark traded largely subdued all through Asia as the overnight release of the API inventory report revealed that crude inventories in the US jumped by 9.9 million barrels over the week to February 26, reaching another record high, and showing a much bigger built up than what markets had predicted.

    Attention now turns towards the official government report released by the EIA later today, with forecast for a rise of about 2.25 million barrels for last week. While the US jobs data will be also closely watched for fresh cues on the US dollar, eventually impacting the USD priced-in oil.
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