US Crude Oil Inventories

BRENT OIL Key event – US Crude Oil Inventories (May 12, 2016, 17:30 GMT +3)

There is quite interesting situation in the oil market at moment. After a long downward oil price rally plenty of leading companies decided to postpone their investments into the exploration projects and it lead to specific problems of increasing the oil production.

Lately, oil price increased significantly due to several reasons:

• Fires in Canada which led to the 500,000 barrels a day production decrease;
• Military conflicts in Libya which led to 120,000 barrels a day production decrease;
• And one of the key factors – willingness of Iran to join OPEC possible decision to freeze the volumes of oil production on the specific level.

That is why a lot of traders pay a lot of attention to weekly “ US Crude Oil Inventories” statistics.

..if actual numbers are higher than the expectations it will have a negative impact on the oil price.

Crude Light Oil chart:

The rate is still moving inside the narrow trading range. It is expected, that it will remain inside the 44,2 – 46,1 range this week.

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