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Trading in financial markets involves significant risk of loss which can exceed deposits and may not be suitable for all investors.
Before trading, please ensure that you fully understand the risks involved
Trading in financial markets involves significant risk of loss which can exceed deposits and may not be suitable for all investors. Before trading, please ensure that you fully understand the risks involved

Wednesday, February 14, 2018

API inventory data

by Century Financial in Media

API inventory data
American Petroleum Institute (API) inventory data that released today showed a much larger inventory build than expected. Total Inventory build was 3.947 million barrels and this was more than the 2.80 million expected. The rise in inventories caused a decline in spot prices. However, this could be short-lived as OPEC’s eight hundred pound gorilla, Saudi Arabia, has stated that Saudi Aramco output in March will be 100,000 barrels per day lesser than the February numbers. Also, International Energy Agency (IEA) has revised its demand projections upward by 7.7 percent and Chinese crude oil imports rose to a record 9.57 million bpd in January. Even with, US Crude production expected to surge this year, global economic fundamentals are really good with the US, Europe and China posting solid growth and this should support Crude prices. Brent crude could hit prices of $65 this week.
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