US crude inventories rise unexpectedly - API
The American Petroleum Institute (API) revealed today in preliminary data that the US crude inventories rose by about 951,000 barrels during the past week, missing forecasts of a drop by 2 million barrels.
The gasoline inventories rfell 867,000 barrels, and the distillate inventories declined 1.03 million barrels during the same period.
While the Energy Information Administration (EIA) will release the official data on Wednesday, which have a significant impact on oil prices movemen
Sterling fell in European trade away from six-week highs against dollar on profit-taking, before talks are resumed between UK and EU on Brexit. GBP/USD fell 0.25% to 1.3116, after closing up 1.6% yesterday, the largest gain since March 27. The largest profit in seven months came as the dollar plunges while UK-EU trade talks take a more positive turn. The dollar index rose 0.2% on Thursday, the first profit in five days away from seven-week lows at 92.47. The Guardian reported a resumption of UK-EU trade talks on Thursday and through the weekend to reach a final deal in the last few weeks of the transition period. Both sides hope for compromise before transition ends on December 31.
At 12:30 GMT, the US economy released the unemployment claims reading, at 0.787 million in the week ending October 17, the lowest level since March, better than forecasts of 0.810 million, vs. 0.845 million in the previous week after it was revised from 0.898 million. This data is positive for the US economy.
The British pound held steadily on Wednesday, despite the release of disappointing economic data and fears about the coronavirus crisis. British Prime Minister Boris Johnson revealed a new plan to tighten the lockdown restrictions in the UK, to curb a second wave of infections. The plan includes earlier closing times for pubs, nightclubs and restaurants, and could stay in place for the next six months. Otherwise, data showed today that the UK's manufacturing PMI fell to 54.3 points in September, on par with forecasts, vs. August's reading of 55.2. The services PMI fell to 55.1 points vs. 58.8 in August, which came lower than forecasts of 57 points. As of 19:55 GMT, GBP/USD held at 1.2727, after hitting a day high of 1.2776 and a low of 1.2677.