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Oil Gains on EIA Reports, Pays Little Attention to Fed Statement

July 29, 2015 at 20:11 by Vladimir Vyun

Crude oil rallied today as the report from the Energy Information Administration showed an unexpected decline of US inventories of crude. The stockpiles were down by 4.2 million barrels to 459.7 million while analysts have predicted that the reserves would remain almost unchanged. Additionally playing in the favor of the commodity, there were rumors about possible production cut by Saudi Arabia.

As for the long-await policy meeting of the Federal Reserve, it had little impact on the commodity market so far. The Fed did not give hints about timing for its planned interest rate hike, leaving markets in a state of confusion. The dollar rallied after the event, but it did not affect the energy market much.

September contract for delivery of WTI crude oil climbed 1.6 percent to $48.75 per barrel as of 20:07 GMT on NYMEX today. Futures for Brent crude were up 0.28 percent to $53.45 per barrel on ICE.

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

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