API revealed decline of 4.8 million barrels in U.S. crude stockpiles last week
On Tuesday, The American Petroleum Institute (API) data showed that U.S. crude stockpiles dropped more than market expectations last week. At the same time, product inventories, including gasoline, showed an increase.
U.S. crude oil stockpiles declined by 4.8 million barrels for the week ending November 18, compared to the previous week's inventory decline of 5.8 million barrels.
Estimates from economists showed U.S. oil inventories were projected to decline by 2.2 million barrels.
According to sentiment on oil prices, investors are split into two groups. On the one hand, there are rising concerns about the decline in China oil demand amid renewed restrictions related to COVID-19. On the other hand, investors expect that the major producers will continue to reduce oil output.
The U.S. government's report on oil stockpiles will be released on Wednesday. U.S. oil inventories are projected to decline by about 1.1 million barrels last week.
The issue of inflation is currently of less importance in the foreign exchange market. Thus, according to economists at Commerzbank, dollar bears will not suffer losses even on the release of optimistic nonfarm payrolls.
Yesterday at 12:16 PMObviously there has been a structural shift in the markets toward a bearish dollar position. According to economists at Internationale Nederlanden Groep (ING), current U.S. nonfarm payrolls data may not cause an inversion of this trend.
Yesterday at 12:10 PMEuropean Central Bank President Christine Lagarde stated that inflation expectations should not change. People should be confident that price growth will return to the target level.
Yesterday at 11:56 AMCentral banks have recently been stepping up measures to combat global inflation. Investors, meanwhile, are actively discussing the continuation of high price levels amid limited supply.
Yesterday at 11:30 AMThe focus is on the OPEC+ meeting and the entry into force of bans related to the import of Russian oil.
Yesterday at 12:59 PM