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Crude oil shrugs off the 2nd consecutive large inventory build

For the second consecutive week, the crude oil inventory data showed a larger than expected build. Last week, the build was 18.962M barrels. This week, another 8.408M were added (well above the -0.593M drawdown expected).

And for the 2nd consecutive week, the price of crude oil initially dipped, only to rebound back higher. The price just reached reached a new session high of $81.49. The current price is at $81.10.

Looking at the hourly chat, the dip after the inventory release,... Read More

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Crude

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Inventory

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Forex

Posted: Jan 19 2023, 18:06

Author Name: forexlive

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