Wednesday , September 18 2019
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Crude Oil Mixed After EIA Report, FOMC Minutes

Summary:
Crude oil traded mixed today despite the bigger-than-expected drawdown from US inventories. Brent crude gained while prices for the WTI grade fell. The Energy Information Administration reported that US stockpiles of crude fell by 2.7 million barrels to 437.8 million barrels last week. The drop was about two times bigger than the consensus forecast. Yet the North American grade of oil did not respond to the report in a positive manner. Market analysts had several theories for why that happened. Some pointed at the fact that gasoline and distillate fuel inventories increased. Others thought that markets were disappointed by the lack of hints at aggressive monetary easing by the Federal Reserve in today’s minutes of its latest monetary policy meeting. Going forward, traders will focus

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Crude oil traded mixed today despite the bigger-than-expected drawdown from US inventories. Brent crude gained while prices for the WTI grade fell.

The Energy Information Administration reported that US stockpiles of crude fell by 2.7 million barrels to 437.8 million barrels last week. The drop was about two times bigger than the consensus forecast.

Yet the North American grade of oil did not respond to the report in a positive manner. Market analysts had several theories for why that happened. Some pointed at the fact that gasoline and distillate fuel inventories increased. Others thought that markets were disappointed by the lack of hints at aggressive monetary easing by the Federal Reserve in today’s minutes of its latest monetary policy meeting.

Going forward, traders will focus on the Fed Chairman Jerome Powell speech at the Jackson Hole symposium and the rising tensions between the United States and Iran.

Futures for delivery of WTI crude oil in October dropped 0.43% to $55.89 per barrel as of 20:18 GMT on NYMEX today. At the same time, contract for Brent crude gained 0.55% to $60.36 per barrel on ICE.

If you have any questions and comments on commodities today, use the form below to reply.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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