FXstreet.com (Barcelona) - US EIA crude oil stocks fell to 1.4 million barrels in the week ending on March 5 from 4.1 million barrels in the week before. The market had expected a slighter decline to reach a total of 2.1 million barrels.
EIA Crude Oil Stock is a measure of change in crude oil storage and it's released by the Energy Information Administration. This report indicates the oil demand and the price volatility. As the oil prices have an impact on worldwide economy, some volatility for the currencies, specially for the CAD is expected. We have to take into account that Canada is the world's fourteenth largest producer of oil so a strong oil demand appreciates, or is bullish for the CAD.
