Worries about a potential increase in US Fed interest rates, which could slow economic growth and reduce energy consumption, outweighed strong economic data from China and a decline in US fuel stocks, causing the asset to move negatively. A report published yesterday by the American Petroleum Institute (API) recorded a reduction of 2.675M barrels, more than the projected decrease of 2.464M barrels. Today, investors expect similar statistics from the Energy Information Administration of the US Department of Energy (EIA): according to forecasts, oil reserves may be corrected by –1.088M barrels, providing support to the prices.
Worries about a potential increase in US Fed interest rates, which could slow economic growth and reduce energy consumption, outweighed strong economic data from China and a decline in US fuel stocks, causing the asset to move negatively. A report published yesterday by the American Petroleum Institute (API) recorded a reduction of 2.675M barrels, more than the projected decrease of 2.464M barrels. Today, investors expect similar statistics from the Energy Information Administration of the US Department of Energy (EIA): according to forecasts, oil reserves may be corrected by –1.088M barrels, providing support to the prices.
