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Oil inches up on bullish stocks data and lower dollar

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 23 Feb 2018 08:46 GMT

Oil prices inch up on bullish oil stocks data and lower dollar - markets eyeing oil rig count tonight

The weekly oil inventory report from the Energy Administration Information (EIA) yesterday confirmed Wednesday's data from the API with a draw in crude oil stocks of around 1.6 mio. barrels last week to 420.48 mio. barrels. Distillate stocks fell by 2.4 mio. barrels while gasoline stocks grew by 0.26 mio. barrels. However, the report also pointed to higher U.S. crude exports of just above 2 mio. barrels per day which is close to October's record of 2.1 mio. barrels. Crude oil production remained around 10.27 mio. barrels per day

In Syria, air strikes have picked up over the past 5 days, increasing the geopolitical risk premium in the area. However, U.N. security council is attempting to create a 30-day ceasefire.

Next potential oil price mover will be tonight's weekly oil rig count from Baker Hughes which will give hint of the number of active oil rigs in the U.S.

Turning to economic data, today sees Eurozone inflation data along with a couple of Fed and ECB member speeches..



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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Surprise draw in crude stocks yesterday; awaiting EIA data
A/S Global Risk Management Ltd.

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