{"id":46918,"date":"2014-01-30T08:38:15","date_gmt":"2014-01-30T13:38:15","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=46918"},"modified":"2014-01-30T08:38:15","modified_gmt":"2014-01-30T13:38:15","slug":"crude-oil-prices-climbs-on-stockpiles-report","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2014\/01\/30\/crude-oil-prices-climbs-on-stockpiles-report\/","title":{"rendered":"Crude Oil Prices Climbs on Stockpiles Report"},"content":{"rendered":"

By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

Crude oil prices advanced following the report released by the EIA, which showed that inventories climbed higher than expected last week. West Texas Intermediate (WTI) rose , trimming the biggest monthly fall for January since 2010 as market participants focus on the release of the US GDP later in the day.<\/p>\n

Meanwhile following the Federal Reserve\u2019s two day policy meeting, fed officials decided to reduce its bond buying program by an additional $10 billion.<\/span><\/p>\n

WTI crude oil for March delivery added 0.56% higher, trading at $97.91 per barrel on the New York Mercantile Exchange as of 9:59a, GMT. At the same time Brent for March settlement rose 0.35%, standing at $108.23 per barrel on the ICE Futures Europe exchange. The European benchmark crude was at a premium of $10.25 to WTI on the ICE exchange.<\/p>\n

US Crude Inventories<\/span><\/h2>\n

Data from the Energy Information Administration (EIA) showed that crude inventories climbed by 6.4 million barrels in the week ended January 24. The figures surpassed analysts forecast of a rise by 2.15 million barrels.<\/p>\n

The same data also revealed that the demand for distillates; which includes heating oil, climbed to the highest level in nearly six years. Meanwhile, Cushing crude stockpiles reported a 237,000 rise, compared with the 722,000 rise seen in the previous week.<\/p>\n

The American Petroleum Institute (API) report reveled oil inventories added 4.7 million barrels in the week ending January 24, compared to analysts forecast of an additional 2.3 million barrels.<\/p>\n

US GDP in Spotlight<\/span><\/h2>\n

Market participants are expecting to see an upbeat gross domestic product (GDP) report which is forecasted to show a 3.2% annualized rise. The upbeat reading is based on approximately 45% of the whole quarter data.<\/p>\n

On Wednesday, The Federal Open Market Committee (FOMC) concluded its two-day meeting by deciding to reduce the central bank\u2019s monthly purchases of treasuries and mortgage-backed securities (MBS) by an additional $5 billion each.<\/p>\n

\u201cGrowth in economic activity picked up in recent quarters,” The statement from the Federal Reserve stated. “Household spending and business fixed investment advanced more quickly in recent months.”<\/p>\n

 <\/p>\n

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The post Crude Oil Prices Climbs on Stockpiles Report<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n

Article provided by HY Markets Forex Blog<\/a><\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog Crude oil prices advanced following the report released by the EIA, which showed that inventories climbed higher than expected last week. West Texas Intermediate (WTI) rose , trimming the biggest monthly fall for January since 2010 as market participants focus on the release of the US GDP later in the … <\/p>\n

Continue reading “Crude Oil Prices Climbs on Stockpiles Report”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-46918","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/46918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=46918"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/46918\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=46918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=46918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=46918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}