FXS: US EIA Crude Oil Stocks decline 2M barrels in the Jun 25 week
FXstreet.com (Barcelona) - Helping to support the price of crude, EIA reported a drop of 2 million barrels the week ended June 25th compared to an increase of the same amount the week prior.
EIA Crude Oil Stock is a measure of change in crude oil storage and it's released by the Energy Information Administration. This report indicates the oil demand and the price volatility. As the oil prices have an impact on worldwide economy, some volatility for the currencies, specially for the CAD is expected. We have to take into account that Canada is the world's fourteenth largest producer of oil so a strong oil demand appreciates, or is bullish for the CAD.
