© Archyde.com. US oil inventories data is positive for the fourth consecutive week
Arabictrader.com – The data issued by the Energy Information Administration revealed, today, Wednesday, that the US oil inventories data was clearly positive this week and was greater than market expectations, as the US oil inventories index recorded a decline of about 5.2 million barrels during the week ending last Wednesday, while it indicated Market expectations are for inventories to decrease by about 3.5 million barrels, after it had recorded a decline of about 12.6 million barrels in the previous week.
During today’s trading, Wednesday, US prices were clearly affected, and recorded around 74.50 per barrel, an increase of 0.34%.
While the price increased and recorded about $79.68 per barrel, an increase of about 0.42%. The impact of the oil inventories data may be reflected on the crude oil prices during the upcoming trading.
The markets always monitor US oil stock data because they always affect the prices of crude oil in the markets, and the prices of petroleum products are reflected in inflation rates. It also affects industries that depend on oil.
And when the pace of economic growth is strong, the demand for oil increases and thus US oil stocks decline, while the decline in the growth rate leads to weak demand and high oil stocks, which negatively affects oil prices in the world.