Posted on 19 August 2010 by ForexYard
Despite a higher than forecasted U.S. crude oil inventories figure, released on Wednesday, oil prices began rising again throughout yesterday and into overnight trading. Prices are currently up over 120 pips from yesterday’s low point before the inventories report was released. Analysts attribute the increase in price to the recent gains made in the U.S. equities market. Furthermore, with the peak of the hurricane season still ahead, demand for oil could still increase.
Today, any gains in the U.S. stock market will likely benefit the price of oil. Furthermore, if the news set to be published today shows any gains made in the U.S. economy, oil prices could increase further as a result.