US Crude Oil: US Crude Oil Inventories

The US Crude Oil appreciated against the US Dollar, following the US Crude Oil Inventories data release on Wednesday at 14:00 GMT. The LIGHT.CMD/USD exchange rate gained 59 pips or 1.03% right after the release. The US Crude Oil continued trading at the 57.60 level against the Greenback.

Energy Information Administration released the US Crude Oil Inventories data, which came out better-than-expected of negative 6.9M compared with the forecast of negative 2.7M.

The US Crude Oil has been extending gains since the beginning of September. The price for oil has already tested the six-week high at 59.00. According to analysts, the commodity is still under pressure, as the US-China trade tensions have been escalating.