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Brent Rallies on Record U.S Crude Inventory Draw - Capital Street FX

08-Sep
16:30 IST

Crude prices jumped more than 4 percent on Thursday after the U.S. Energy Information Administration announced a not-so-surprisingly large drawdown in the country’s oil stocks. The report was considered as a confirmation for data published by the API which indicated a decrease of 12.1 million barrels last week.

Thursday’s data showed U.S. crude stocks dropped by 14.5 million barrels in the week through September 02, to 511.6 million barrels, marking the biggest weekly drop in stockpiles since January 1999. This loss was driven by limited imports and shipping into the U.S. Gulf Coast owing to Tropical Storm Hermine last week.

Trade suggestion

Buy Stop at 50.00, Take profit at 50.25, Stop loss at 48.85

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