Commodity Daily News

Crude Oil Inventories Decline 3.8M Barrels, Oil Price Lifted

Crude oil began to gain in value yesterday, following news that US inventories fell more than expected this week. The weekly crude oil inventories figure came in at -3.8 million barrels, after analysts predicted a decline of -1.3 million. Following the news, crude prices began to increase, and have since gone up over 100 pips. Currently oil is trading at 88.90.

Today, traders will want to pay attention to the US Unemployment Claims figure, set to be released at 13:30 GMT. Should the unemployment number come in above expectations, oil is likely to continue its bullish trend. Often times, investors turn to oil as an alternative investment when there is disappointing news out of the US.