Yesterday, the price of of U.S. Oil plunged following the release of the Crude Oil Inventories report. The data showed that the weekly change in the number of barrels of oil stored by U.S. firms was significantly higher than the forecast figure of 3.429M, the actual figure released showed that inventories reached its highest level since early March. This data started a sell off as it indicates that the ratio of supply, outweighs the demand. The price fell to just above $50/barrel, the commodity has since rebounded slightly and testing support at $51/barrel.
Commodity News April 9th 2015
Yesterday, the price of of U.S. Oil plunged following the release of the Crude Oil Inventories report. The data showed that the weekly change in the number of barrels of oil stored by U.S. firms was significantly higher than the forecast figure of 3.429M, the actual figure released showed that inventories reached its highest level since early March. This data started a sell off as it indicates that the ratio of supply, outweighs the demand. The price fell to just above $50/barrel, the commodity has since rebounded slightly and testing support at $51/barrel.
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