SUBSCRIBE TO FEEDFXstreet.com (Barcelona) – Recently released US stockpile data gives crude oil a boost higher after being pressured lower for a good part of the day. Currently the crude contract for July delivery, the most active future, is trading at $72.78 a barrel after bouncing off $72.00.
Crude is enjoying a lift after recent EIA data showed a less-than-expected jump in US inventories over the past week, rising by 200,000 barrels the week ending May 14. Analysts had put the figure closer to 600,000 barrels, compared to nearly 2 million the week prior.
Commodities in general are also pulling back from earlier losses as the euro stabilized against the US dollar. Investors are now rushing into the euro ahead of expectations of more widespread financial regulations throughout the euro zone after Germany announced a ban on naked short-selling late yesterday.
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