First Oil Release After OPEC Meeting

First Oil Release After OPEC Meeting

What will happen?

US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2. This release is considerable for Crude (XTI/USD), Brent (XBR/USD), and CAD movement. The loonie (Canadian dollar) is on the list because Canada has a sizable energy sector, and oil is still the most used energy source in the world. The release tells about changes in the number of barrels of crude oil held in inventory by commercial firms during the past week.

Possible Crude and Brent moves

One of the last releases on January 26 turned out to be bigger than expected. Usually, it is a bearish sign for oil because of the oversupply. After the release, the uptrend in XTI/USD stopped, and crude oil lost around 2% of the price, sliding from $87.50 to $85.90 per barrel.

1.png

If the tendency remains, high inventories numbers will press on US oil prices. And in the case of a massive plunge, $85.00 per barrel is the most robust support level.

How to trade on crude oil release?

Higher-than-expected numbers will press on the XBR and XTI. Moreover, USD/CAD may fall due to the major role of Canada in energy production.

  • If the actual number is higher than expected – XTI and XBR will fall.
  • Otherwise – XTI and XBR may rise slightly.

Check the economic calendar

Instruments to trade: XBR/USD, XTI/USD, CAD/USD

Similar

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.

Latest news

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera