Crude Oil has been rallying to meet the highest levels of the year so far on the announcement that oil producers planned to meet on 17th April to discuss output levels. Both OPEC and Non-OPEC producers including the two largest exporters, Saudi Arabia and Russia agreed to hold talks in Qatar with the view to freezing output. The meeting would mark a precedent as the first supply deal since 2001. At the FOMC meeting last week, Janet Yellen dampened speculation of another interest rate hike in the near term, highlighting persistent weaknesses in the U.S. economy. The subsequent fall in the U.S. Dollar pushed oil prices higher. Slightly lower crude oil build- up has provided additional support for oil prices as demand for gasoline, as a result of lower energy prices, appears to have filtered through to U.S. consumers.
Event:
Crude Oil Inventories
Today 14:30 GMT
Investor Notes:
- Crude oil inventories are set to rise by 2.5 million barrels this week after falling more than expected last week to 1.3 million barrels stockpiled.
- Data from The American Petroleum Institute yesterday, showed that crude oil inventories rose more than expected to 8.796 million barrels in the last week.
- Crude oil inventories have surpassed the 5 year average reaching 100 million barrels accumulated.
