Commodity Daily News

U.S. Crude Oil Inventories on Tap

Crude Oil prices experienced another day of depreciation as the oft-traded commodity dropped below $72 in this morning's early trading session. Oil prices traded down for the third straight day, continuing a nearly 2-month long drop in overall energy prices. 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.

Looking ahead today, one of the more influential pieces of economic data will be Crude Oil Inventories for the U.S. The inventories index has become more and more relevant over the last few months as the movement the price of Oil has become a major market mover. Expectations show a drop to 1.9M from last month's of 8.1M. Traders can, and should, expect wide market volatility around the 15:00 GMT release of these inventories figures because of Crude Oil's recent importance to today's market.