What To Look Out For Today – Potential Crude Oil Fluctuation?

After a week of instability of the big three currencies – USD, GBP, EUR, today should be a relatively quiet with the only significant event of the economic calendar being EIA Crude Oil Stocks Change at 14.30 GMT. Of course, this isn’t an insignificant event, especially for commodity traders – with the recent OPEC+ agreement to stifle oil production with the intention to deplete oil reserves and the fact that the last EIA Crude Oil Stocks change being lower than expected – this event has the potential to send ripples out into the market.

As it stands at the moment analysts are forecasting a drop of reserves in the area of 3.241 million barrels, which is significantly less than the previous 7.564 million barrels. If this number is higher than estimated (as it was the previous week) this could cause another jump in the price of crude.

Yesterday Brent Crude closed at 48.65 and WTI at 46.21.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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