The price of oil tumbled by well over $1 a barrel during afternoon trading yesterday, after the US Crude Oil Inventories figure came in well above analyst expectations. The US data is typically used by investors to gauge demand in the world's leading oil consuming country. After falling as low as $87.42 a barrel, crude staged a minor upward correction to reach the $87.60 level.
Turning to today, oil traders will want to pay attention to a batch of US news, set to be released at 12:30 and 14:00 GMT. If any of the data indicates expansion in the US economy, investors may take the news as a sign that oil consumption will increase, which could result in the commodity turning bullish during afternoon trading.
Turning to today, oil traders will want to pay attention to a batch of US news, set to be released at 12:30 and 14:00 GMT. If any of the data indicates expansion in the US economy, investors may take the news as a sign that oil consumption will increase, which could result in the commodity turning bullish during afternoon trading.
News Archives
| 25.07.2012 | Crude Oil Gets a Boost from Canadian Data |
| 24.07.2012 | Risk Aversion Causes Oil to Reverse Bullish Trend |
| 23.07.2012 | EU Worries Cause Crude Oil to Resume Bearishness |
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