Today, June 29, data on crude oil reserves from the US Department of Energy will be announced. Crude oil reserves of Energy Information Administarion (EIA) are estimated by the weekly increase in barrels of commercial oil held by US firms. Inventory levels affect the price of petroleum products, which in turn affect inflation and other economic forces.
What is the expected response of the market, our expert explains:
The American Petroleum Institute reported a reduction in black gold reserves in US storage facilities by 3.8 million barrels. Commercial oil reserves in the United States are now at a seven-year low, and the strategic oil reserve has fallen to the levels of 1987. Low inventories are favorable for further growth in oil prices. Today, consider buying #WTI, #BRENT, #Continenta, #Exxon.
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