Crude oil demonstrated a rather surprising price action today. It had been rising during the most of the trading session as speculators were expecting some bullish values from the US Energy Information Administration report on the crude oil inventories. However, upon release of such numbers, the commodity initially shoot up just for a few moments and then fell significantly below the opening level.
WTI crude is trading in a
The report that was released by EIA today has shown an drop of crude oil inventories by as much as 3.9 million barrels during one week. It was the first decline of inventories since the one that was reported on January 7 this year. For some reason, it resulted only in a momentary bullish spike followed by a major daily correction.
Brent fell from $68.45 to $68.01 per barrel as of 17:16 GMT on ICE today, reaching as high as $69.62 per barrel
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