11 January 2017
we invite you to look over trading forecast of leading FreshForex analyst Alexander Goryachev about US Energy Information Administration's Crude Oil Inventories report.
Alexander Goryachev believes that this Wednesday, January 11 at 3.30 p.m GMT the release of negative data and decline of Brent and WTI quotes may be expected for two reasons.
First of all, Baker Hughes again declared increase in number of US and Canada drilling platforms by 4 and 29 respectively and, as a result, increase in oil output.
Second of all, the dollar rise is negative for oil quotes because these two instruments have strong negative correlation.
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