EUR/USD up 0.36%. US crude inventories rose 2.3 million barrels.

EUR/USD moderately increased today. US dollar is weakening for three days in a row. As of 6:10 PM EDT the currency pair was trading at 1.1335, which is 0.36% higher than the previous close.

US shares continued the rally started yesterday. Below is mentioned the performance of major indices:

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  • DJIA closed at 17,716.66, up 0.47%.
  • Nasdaq Composite rose 0.47% finishing at 4,869.29.
  • S&P 500 closed at 2,063.95, which is 0.44% higher than the previous close.

The rise was mainly driven by banks and technology stocks.

The US Energy Information Administration (EIA) released its weekly crude inventory report today, which revealed that the US crude stockpiles increased by 2.3 million barrels in the week ended March 25, which is lower than the analysts’ estimates of 3.17 million barrel increase. The current US inventory level stands at 534.8 million barrels.

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The aggregate motor gasoline inventories fell by 2.5 million barrels. Distillate fuel inventories declined 1.1 million barrels, while propane/propylene rose by 600,000 barrels. Total commercial petroleum inventories increased by 1.5 million barrels for the week.

“The data poses a bit of a conundrum, in that crude stocks still increased so much despite strong refining runs and an apparent drop in imports” said Matt Smith from ClipperData.

Oil prices finished the session almost unchanged after climbing more than 3% during the European trading hours. The WTI Crude closed at 38.32 USD/bbl, which is 0.10% above the previous close. The Brent Crude was trading at 39.22 USD/bbl as of 5:46 PM EDT, which represents a 0.20% 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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