29 Apr 2015
Oil surges after EIA report
FXStreet (Córdoba) - Oil prices extended gains after the US Energy Information Administration (EIA) report on US crude inventories.
EIA informed crude inventories rose by 1.9 million barrels in the week ending Apr 24, above the 1.333 million expected but well below API estimate of 4.2 million-barrel gain released yesterday.
Broad dollar weakness also helped oil surge. The greenback fell sharply after data showed US economy slowed in Q1, with GDP growth reaching 0.2% versus 1.0% expected.
Crude oil rose about 2.6% to $59.00 a barrel, from $57.50 before the report.
EIA informed crude inventories rose by 1.9 million barrels in the week ending Apr 24, above the 1.333 million expected but well below API estimate of 4.2 million-barrel gain released yesterday.
Broad dollar weakness also helped oil surge. The greenback fell sharply after data showed US economy slowed in Q1, with GDP growth reaching 0.2% versus 1.0% expected.
Crude oil rose about 2.6% to $59.00 a barrel, from $57.50 before the report.