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Oil prices decreased after the US Crude Oil Inventories data release on Wednesday at 14:30 GMT. The one-minute candle lost 65 pips, or 0.99 %. The price continued to decrease in the next hours.
The Energy Information Administration released the US Crude Levels data that came out better-than-expected of 6.8M, compare to forecasted negative 2.6M.
Kevin Nicholson, the chief market strategist at RiverFront Investment Group said: "Really, everything today has been playing on the idea of the trade tensions and Turkey. Obviously crude is down today because U.S. stockpiles rose over the last week to their highest level since March 2017".
| Historical Data Table: Crude Oil Inventories | Economic Calendar for 17.08.2018 | ||||||||
| Date | 18.07.2018 | 25.07.2018 | 01.08.2018 | 08.08.2018 | 15.08.2018 | 12:30 PM | CA CPI m/m |
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| Actual | 5.8M | -6.1M | 3.8M | -1.4M | 6.8M | 2:30 PM | US Prelim UoM Consumer Sentiment | ||
| Forecast | -3.4M | -2.6M | -2.6M | -2.8M | -2.6M | 2:30 PM | US Prelim UoM Inflation Expectations | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/USD | 0.72125 | 0.72109 | -0.02% | AUD/USD | 53.08% | 46.92% | |||
| EUR/USD | 1.13171 | 1.13188 | 0.02% | EUR/USD | 68.03% | 31.97% | |||
| USD/JPY | 110.567 | 110.566 | 0.00% | USD/JPY | 46.60% | 53.40% | |||
| NZD/USD | 0.65538 | 0.65526 | -0.02% | NZD/USD | 59.56% | 40.44% | |||