It seems that the stockpiles of Crude Oil in the United States are increasing again. Investors came to this conclusion after the American Petroleum Institute published the inventories data. The report showed that the US crude storage facilities added 5 million 590 thousand inventories data. The report showed that the US crude storage facilities added 5 million 590 thousand barrels while market participants expected a 3 million. However, the API data is not official. Today, the Energy Information Adminisitration will present its figures. Nonetheless, both non-official and official reports usually show the same tendency, either a rise of a fall. Thus, WTI prices broke the level of 68.40 and headed to the downside. Before the start of the American session, WTI was trading near $68 per barrel.
At the same time, the Brent Crude Benchmark also declined, approaching the level of $73 per barrel. Investors factor in reports about a surge in production in Russia. Besides, the worries about a shortage of supplies faded away as shipments of Crude Oil from Iran were banned. As for the commodity currencies, oil prices no longer support the Russian currency and its losses ground against the greenback. The USD/RUB pair is trading near the level of 62.80. Meanwhile, the Canadian dollar is buoyed by the strong GDP data that was published yesterday. Meanwhile, the Canadian dollar is buoyed by the strong GDP data that was published yesterday. The USD/CAD pair is consolidating slightly above the level of 1.30. So, today we are waiting for the inventories data from the US Department of Energy.