Forex | Forex | Crude Oil Trading (19/08/2009 21:30:32)

Crude Oil Trading

Daily oil prices rallied sharply higher following the latest crude oil inventory figures in which crude oil stocks fell by 8.4m barrels, confounding the consensus forecast for a further rise of 1.3m barrels (nothing like having a nice wide target to aim at!!).  The drop was mainly due to a huge fall in imports, down 1.42m barrels a day to 8.11m barrels a day last week.  The oil market appears uncertain as to whether this is a one off caused by delays in tanker arrivals or if cargoes


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