EUR/USD rose 0.44%. US crude inventories surprisingly dropped.

EUR/USD closed higher today. As of 6:00 PM EDT the currency pair was trading at 1.1424, which represents a 0.44% gain from the previous close.

US shares declined today. Below is presented the performance of major indices:

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  • DJIA closed at 17,711.12, down 1.21%.
  • Nasdaq Composite lost 1.02% finishing at 4,760.69.
  • S&P 500 closed at 2,064.46, which is 0.96% lower than the previous close.

Oil prices jumped more than 4% after a report from EIA, which showed a surprising decline in US crude inventories. According to the US Energy Information Administration (EIA) data, crude inventories dropped 3.4 million barrels last week, lower than the analysts’ expectations for an increase of 714,000 barrels.

This results were seen as a bullish indicator by the market, in addition to a supply disruptions in Canada caused by wildfires and in Nigeria affected by the pipeline attack.

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“We were not totally surprised with the draw after the shut-in in Canadian production. But while the fires have taken tar sands production offline, we believe this will not be a prolonged event.” said Tariq Zahir from Tyche Capital Advisors.

In a separate report the EIA announced its forecast on Brent Crude, stating that it expects the prices to rise to 76 USD/bbl in the next year.

The WTI Crude closed at 46.23 USD/bbl, up 3.52%. The Brent Crude was trading at 47.41 USD/bbl as of 5:42 PM EDT, which represents a 4.15% increase from the previous close.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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