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Crude oil rebounds after API report

News Date: 15/3/2017 05:23:33
Update Date: 15/3/2017 05:25:02
 

Future US crude oil contracts rebounded trimming the losses recorded over the past two weeks, supported by American Petroleum Institute report and ahead of Energy information Administration .

Crude oil futures rose 0.85% to $ 47.75 a barrel.

The American Petroleum Institute report showed  yesterday  a significant decline in US crude oil inventories to 0.53 million barrels compared to the previous huge increase of 11.3 million barrels.

while the expectations are that the Energy information Administration report will show rise of 3.3 million barrels compared to the previous reading 8.3 million barrels, a decline in stockpiles below expectations will give Crude Oil strength for the upside correction after the recent deep decline.

The negative economic data from the British economy, plus the risks of the exit from the EU, give the bearish trend strength to return strongly even on short time frames.

The euro rose slightly after yesterday's drop from the top at 1.0714, the highest since the beginning of February, as renewed concerns over the Dutch elections, which is offsetted by speculations that the European Central Bank to raise interest rates before the end of monetary easing program.

The Dutch will go to the polls this morning to vote in the elections, which are seen as anti-immigration policies, even before the rift with Turkey over the weekend, putting migration and nationalism at the top of the political agenda.

The political risk of the Dutch elections increases the negative pressure on the euro and makes the chances of its rise weak in the short and medium term.

The Japanese yen rose after the economic data showed an improvement in the revised industrial production in February, the reading showed -0.4%, better than the previous and  forecasted reading at -0.8%, indicating the improvement of industrial production in the country, which supports the economic recovery.

Gold steadied as the sideways trading range continued for the third day, amid expectations on the Fed's interest rate decision on Wednesday evening with strong expectations of a benchmark interest rate hike and a further boost in 2017.

Today ,at 18:00 GMT The Federal Reserve ends its two-day meeting, the FOMC press conference will be followed by 30 minutes to announce growth, inflation and interest rate outlook in the next two years.

If The Federal Reserve announces a 25 basis points interest rate hike, or an increase in benchmark interest rates in 2017 more than three times, this will push gold into a new wave of strong decline, gold is heavily influenced by interest rates raise because its increase the Opportunity cost , and reduces the yields on its holders.


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