Oil slightly higher ahead of EIA report
ecPulse
2014-10-29 10:49AM UTC
Crude oil prices surged on Wednesday in anticipation if releasing the U.S. Energy Information Administration (EIA) report later today, with signs of rising fuel demand levels. The mixed U.S. economic data released yesterday supported oil prices, where we witnessed a decline in durable goods orders in September, and high levels of consumer confidence in October that boosted consumer’s appetite for risk. Oil prices are expected to drop today in light of speculations about rising U.S. crude oil inventories which will be cleared later today when releasing the official report of crude oil inventories by EIA.
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