Oil still in pains as its staggers down further

Discussion in 'CFDs' started by Profiforex_Victory, Jul 27, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    U.S oil had dropped down today, falling down to a three-month low. The drop comes after the government of the United States had announced a rather surprising increase in gasoline and crude inventories.

    Oil struggled to overturn its losses following the report coming from the Federal Reserve that it will not be changing its interest rate policy, meaning the Federal Reserve will not be increasing its interest rates soonest with the US economy was still on track.

    Data coming from the US have been remarkable bringing up hopes among investors that Fed Chair Yellen and the Federal Reserve may consider raising interest rates soonest. Thus today's decision to leave interest rates unchanged comes as a disappointment to traders.

    U.S. commercial crude in storage had climbed up by 1.7 million barrels; steadily increasing to a total of 521.1 million barrels for the week through July 22, according to the Energy Information Administration. Expectations from analysts was a draw of 2.3 million barrels.

    Thus today, Brent crude looked set for a rare monthly loss which we haven't seen since January. This could be the biggest we have seen so far this year. Brent drops down today by $1.32, which is a fall of 2.9% bringing Brent down today to $43.55.

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