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The EIA crude inventory report delivered another surprising build of 2.21 million barrels last week. Expectations were for a draw of 1 million barrels, with a wide range of estimates of a 3.7 million draw to a 3.0 million build. Oil was already sharply lower going into the data and eventually extended losses. Cushing accounted for 2.096 million barrels of the total build, confirming the API’s rise which saw the strongest gains since February. The rise in Cushing is mainly being attributed to the Midwest flooding that disrupted many pipelines and refineries.
West Texas Intermediate Crude is tentatively finding support around the $52.00 a barrel level. The Canadian dollar remains little changed to the greenback on the day.
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With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya
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