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Commodities

24 Nov 2021

Oil Mixed Up Ahead of US Crude Oil Inventories Data Release

The Index Today

Oil was mixed Wednesday morning in Asia as investors digested a U.S.-led coordinated release of stocks from strategic reserves. They also took profits from the previous day's rally ahead of a U.S. Crude Oil Inventories Data Release.

The forecast for the Crude Oil Inventories today is at -0.481M and the previous data was at -2.101M. Brent oil futures edged down 0.12% to $82.21 by 10:21 PM ET (3:21 AM GMT), while WTI futures edged up 0.13% to $78.60.

The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.

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