Global macro overview for 24/09/2015:
Yesterday's API crude oil inventories has delivered a worse-than-expecting figure. The market expectations were -0,500k barrels, but the stockpiles shortage were bigger than -1.910k. Please notice that refineries are going into maintenance and switchover season, that will increase inventories in the weeks ahead. Nevertheless, the oil price is still relatively high and it should gradually decrease over time.
The market reaction for the news was bearish and currently the crude oil is trading close to the important support at the level of 43.19. Breakout lower will be considered bearish.
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