Global macro overview for 23/09/2015:
Yesterday’s API crude oil inventories data revealed a higher-than-expected decrease in stockpiles. The market expected the slight decrease to the level of 700K barrels vs -3,100K barrels last month, but the actual figure were even lower at the level of -3,700K barrels. For today news release regarding crude oil inventories that is scheduled at 2:30pm GMT, the market expected another slight increase from the level of -2,104K last month to the level of -0.50K.
If today’s inventories are disappointing again, the crude oil price might temporary rally higher above the technical resistance at the level of $47.70 and hit the projected target of $50.00.
The material has been provided by InstaForex Company – www.instaforex.com