U.S. EIA Crude Oil Inventories Fell More Than Market Expectations / The World Is Waiting For Friday's Jackson Hole Central Bank Annual Meeting
U.S. EIA Crude Oil Inventories Fell More Than Market Expectations
The U.S. Energy Information Administration (EIA) announced that crude oil inventories fell by 2.979 million barrels last week, and the market is expected to decrease by 2.683 million barrels. During the period, gasoline and oil inventories decreased by 2.242 million barrels, and the market is expected to decrease by 1.557 million barrels. As for distilled oil inventories, an increase of 645,000 barrels is expected to decrease by 271,000 barrels. The decline in US crude oil inventories is greater than expected, which may help support a rebound in oil prices. However, in the face of the US plan to sell 20 million barrels of strategic oil reserves in the fourth quarter, the expected increase in supply may limit the upward trend of oil prices.
The World Is Waiting For Friday's Jackson Hole Central Bank Annual Meeting
The global market focused on the Jackson Hole central bank annual meeting, waiting for the Federal Reserve Chairman Powell's speech to provide guidance on reducing the timetable for debt purchases. However, before this, precious metals have been unable to escape the impact of the market's tendency toward risky assets. The US stock market continues to hit record highs, prompting both gold and silver to face bearish pressure. Gold fell deeply below $1,800, while silver is testing key support. After the previous wave of upward trends, gold and silver are undergoing a regular downward correction.
