Commodity Daily News

Crude Oil Sees Correction after US Data Released

Crude oil started yesterday's session by taking heavy losses, but following a report showing US oil stockpiles unexpectedly dropped last week, was able to rally in evening trading. The latest US Crude Oil Inventory figure showed that stockpiles dropped by 1.9 million barrels. Typically a drop in supplies is an indicator of increased demand among the world's biggest energy consuming nation; the United States.

Crude prices have gone up some 86 pips since yesterday evening, and currently stand at around the 74.75 level. Today, traders will want to pay particular attention to the Canadian news set to be released. News from Canada typically impact commodity prices, in particular oil. Should the latest employment figure, set to be released at 11:00 GMT, come in as expected, oil prices could rally in afternoon trading.