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Oil rallied almost $1 on APT draw data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Oil has settled after the bod on the back of the oil crude stock that showed -3.3m vs prior 2.4m. Oil rallied from $30.46 to a high of $31.45bbls on the news.

    The data comes in as a big surprise considering the rumors that there were 11m bbls of building stock. The Cushing draw was of 175,000 barrels, the distillates draw was of 2 mln barrels and the gasoline build was 750K barrels.

    Earlier in the US shift, the Iranian oil minister lifted the spirits of oil bulls when he said that Iran supports decision taken by OPEC and non-OPEC countries to keep production 'ceiling' to stabilise oil prices.
    For more information, read our latest forex news.

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