by Wed, 09 Jun 2010 16:42:00 +0200
EIA oil stocks fell more than expected
FXstreet.com (Barcelona) - EIA oil stocks fell 1.8 million barrels, above concensus estimates of a fall of 1.1 million barrels for the week ended June 4. Previous week's change was a slightly steeper fall of 1.9 million barrels.
This is in accordance with API data released yesterday showing domestic crudestocks fell 4.5 million barrels in the week to June 4.
EIA Crude Oil Stock is a measure of change in crude oil storage and it's released by the Energy Information Administration. This report indicates the oil demand and the price volatility. As the oil prices have an impact on worldwide economy, some volatility for the currencies, specially for the CAD is expected. We have to take into account that Canada is the world's fourteenth largest producer of oil so a strong oil demand appreciates, or is bullish for the CAD.
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