Crude Oil Back To Test USD80/Barrel
Crude oil is back up testing USD80/barrel after a report from the American Petroleum Institute surprised the market, saying that inventories fell 4.37 million barrels last week to 333.1 million. A small increase in stocks had been expected.
A weak dollar and stronger equities and gold are also spilling over into the crude oil market, adding additional strength.
The US Dept of Energy are out at 15.30 GMT this afternoon with their stocks estimate, if they concur with the API, as they do around 75% of the time, then crude could get another shot in the arm this afternoon and be propelled above USD80/barrel.
It certainly wouldn't be a major surprise as Hurricane Ida idled plenty of production platforms in the Gulf of Mexico the previous week.
A weak dollar and stronger equities and gold are also spilling over into the crude oil market, adding additional strength.
The US Dept of Energy are out at 15.30 GMT this afternoon with their stocks estimate, if they concur with the API, as they do around 75% of the time, then crude could get another shot in the arm this afternoon and be propelled above USD80/barrel.
It certainly wouldn't be a major surprise as Hurricane Ida idled plenty of production platforms in the Gulf of Mexico the previous week.
