Commodity Daily News

Crude Oil Traders Await U.S. Inventory Data

Crude Oil prices experienced another day of depreciation as the oft-traded commodity dropped below $38 in this morning's early trading session. Oil prices traded down for the second straight day. Much of the bearish movement in Crude Oil can be attributed to fears of a drop in fuel consumption due to poor economic outlook in the major world economies.


With economic growth slowing in the U.S. and Europe, and another month of falling service industry numbers, Crude Oil may continue to see a depreciating value. As for today, the U.S. Crude Oil inventories figures will be released. Expectations show a drop to 2.9M from last week's excessive 4.7M. Traders can, and should, expect wide market volatility around the 14:00 GMT release of these inventories figures because of Crude Oil's recent drop below the $40 price level.