The American Petroleum Institute (API) announced that crude oil inventories unexpectedly decreased by 3.5 million barrels to 474.1 million barrels last week. The market originally expected an increase of 1.34 million barrels. As for gasoline inventories increased by 4.81 million barrels, the increase far exceeded market expectations. The distillate inventory decreased by 487,000 barrels, which was less than market expectations. During the period, US crude oil imports increased by 102,000 barrels per day. The unexpected decrease in US crude oil inventories increased the market’s optimism about production cuts in oil-producing countries and recovery in demand, driving New York oil prices to rise slightly by 0.7% to a 13-month high, closing at US$58.36 per barrel.
Service relating to Over-the-counter (OTC) Gold Bullion/Silver trading is provided by MOL. OTC Gold/Silver Bullion trading carries a high degree of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. OTC Gold/Silver Bullion is not regulated by the Securities and Futures Commission (""SFC"") and therefore trading OTC Gold/Silver Bullion will not be subject to rules or regulations promulgated by the SFC. Before deciding to trade OTC Gold/Silver Bullion you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain losses in excess of your deposited fund or even more in extreme circumstances and therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading OTC Gold/Silver Bullion, and seek advice from an independent financial advisor if you require.