Find out what US Energy Information Administration (EIA) has said concerning crude stockpiles with the 29 December Crude Oil Price Forecast.
29 December, OctaFX – Energy traders will be closely monitoring the weekly rig count data courtesy of Baker Hughes. The report will be released at 18:00 GMT.
Meanwhile, the year 2017 could go out with a whimper this Friday, as a dearth of economic data keeps investors on the sidelines. It has been a relatively quiet week for the financial markets amid the holidays. This will likely continue in the final session of the week as market participants hold out until after the new year.
29 December Crude Oil Price Forecast
US crude futures advanced on Thursday after government data showed a bigger than expected drawdown in commercial inventories. The US Energy Information Administration (EIA) said crude stockpiles fell by 4.6 million barrels in the week ended 22 December.
Crude stocks fell by nearly 6.5 million barrels the previous week. US oil prices spiked to new two-and-a-half year highs on Friday, climbing above $60 a barrel. Strong fundamental indicators could keep the market trekking higher into the new year.
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