Oil prices have decreased after US Crude Oil Inventories data release on Wednesday at 14:30 GMT. The one-minute candle lost 51 pips, or 0.75%, and recovered itself back in the next few minutes to continue fluctuating in 67.38 area.
The Energy Information Administration released the US Crude Levels data that came out lower-than-expected of negative 5.8M, compared to forecasted negative 1.6M. This data release was unusual compared with the previous releases due to small base point performance. This data release was the lowest in term of pip drop/gain for the last 6 weeks due to a fall in imports of crude oil inventories.
The senior analyst at Dukascopy, Janis Macukans commented: "The data release was unexpected this time due to the bounce up and down at the release time. This kind of movement is unusual for the crude oil inventory data release. "
| Historical Data Table: Crude Oil Inventories | Economic Calendar for 24.08.2018 | ||||||||
| Date | 25.07.2018 | 01.08.2018 | 08.08.2018 | 15.08.2018 | 22.08.2018 | 12:30 PM | US Core Durable Goods Orders m/m |
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| Actual | -6.1M | 3.8M | -1.4M | 6.8M | -5.8M | 14:00 PM | US Fed Chair Powell Speaks | ||
| Forecast | -2.6M | -2.6M | -2.8M | -2.6M | -1.6M | 16:25 PM | CAD BOC Gov Poloz Speaks | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| Light/USD | 67.135 | 66.905 | -0.34% | Light/USD | 55.61% | 44.39% | |||
| Brent/USD | 74.075 | 73.74 | -0.45% | Brent/USD | 39.36% | 60.64% | |||
| USD/CAD | 1.3037 | 1.30405 | 0.03% | USD/CAD | 55.64% | 44.36% | |||
| USD/RUB | 67.87964 | 67.89284 | 0.02% | USD/RUB | 44.55% | 55.45% | |||