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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
18 Nov 2015 09:27 GMT





A/S Global Risk Management logo. Downward trend halted on oil stock decrease (Brent: $44.2)

Oil prices slightly higher on news of surprise drop in U.S. crude inventory.

For the first time in 6 weeks, the weekly statistics from American Petroleum Institute showed a decrease in crude oil stock - by around 482,000 barrels. A build was expected, so markets are watching closely this afternoon’s EIA inventory report for confirmation of this trend. Last week showed huge builds in both readings.

The geopolitical risk premium still lingers as bombings in Syria continue in the fight against Islamic State after the terror attacks in Paris last Friday. Still, the fundamental overflow of crude oil in the market is unchanged and this weighs on oil prices at the moment. Though OPEC meets next month, the outlook for a production cut seems unlikely; with Indonesia re-joining the Group and the members fighting for market share, an output increase seems more probable in the short term.

On the economic data front, today's main event is the release of the FOMC minutes - hints of a December interest rate hike - or not - could spur some market volatility. Yesterday’s inflation data - U.S. CPI - came around expectations, today sees housing data.


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Company: A/S Global Risk Management Ltd.

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