Oil

The combination of the strong dollar and warmer than expected weather put a damper on the petroleum markets. Additionally, the very large build in crude oil inventories which was much larger than expected was hard for oil bulls to absorb. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.3 million barrels from the previous week. At 351.3 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Analyst had expected a 1-2 million barrel increase in inventories. Crude oil has broken down below $80 dollar a barrel, and seems to be forming a head and shoulders on a weekly chart.


EUR/USD Forecast on Exto Capital