Market News

Crude Oil Reserves Take Major Hit Of 5 Million

Updated 3 months ago

The Loonie could be in for a surprise bolt this afternoon following the Crude Oil Inventories forecasted to see a huge drop from the prior data of 6.8M to a remarkable expectation of 3.2M which seemingly is already reflecting in the markets as the Loonie witnesses a sharp pullback from 1.2540 to around the 1.2510 region as investors anticipate what could be a further decline in the actual figures. 

The announcement did in fact reflect this expectation as we witnessed the final statistic of 1.9M signifying a major drop in oil barrels held in reserves. The Loonie and Crude Oil as of now have not necessarily reacted however judging from the steep decline this morning it could be signs of further downside to come.