Oil prices sharply increased during the US Crude Oil Inventories data release on Wednesday at 14:30 GMT. The one-minute candle gained 47 pips, or 0.67%, but immediately decreased by 69 pips or 0.99% right after the release to continue fluctuating in the 69.05 area.
The Energy Information Administration released the US Crude Levels data that came out lower-than-expected of negative 2.6M, compare to forecasted negative 0.7M. This data release shows the change in the number of barrels of crude oil held in inventory by commercial firms during the past week.
Janis Macukans, the senior analyst at Dukascopy Bank SA comments:"The data release was unusual because the reaction on the oil price up immediately was followed by the price drop in the following minutes. The price drop most likely was caused by market participants, who took advantage of the increased liquidity and sold their oil assets."
| Historical Data Table: Crude Oil Inventories | Economic Calendar for 30.08.2018 | ||||||||
| Date | 01.08.2018 | 08.08.2018 | 15.08.2018 | 22.08.2018 | 29.08.2018 | 12:30 PM | CAD GDP m/m | ||
| Actual | 3.8M | -1.4M | 6.8M | -5.8M | -2.6M | 12:30 PM | US Core PCE Price Index m/m | ||
| Forecast | -2.6M | -2.8M | -2.6M | -1.6M | -0.7M | 17:30 PM | German Buba President Weidmann Speaks | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| Light/USD | 69.045 | 69.385 | 0.49% | Light/USD | 65.19% | 34.81% | |||
| Brent/USD | 76.255 | 76.671 | 0.55% | Brent/USD | 37.47% | 62.53% | |||
| USD/CAD | 1.29354 | 1.29324 | -0.02% | USD/CAD | 62.08% | 37.92% | |||
| USD/RUB | 68.1738 | 68.14354 | -0.04% | USD/RUB | 72.96% | 27.04% | |||