US Inventories Figure Helps Crude Extend Gains

The price of crude oil advanced during European trading yesterday, as a lower than forecasted US Crude Oil Inventories figure signaled to investors that demand in the world's leading oil consuming country has gone up. Crude advanced over $1.50 a barrel, reaching as high as $94.68 before staging a downward correction later in the day. Today, traders should pay attention to US news and its impact on risk sentiment among investors. Any better than expected news could help boost risk taking and may also be taken as a sign that demand for crude in the US is still increasing. In such a case, oil could see additional gains during afternoon trading.

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading. ForexYard