The US Crude Oil appreciated against the US Dollar, following the US Crude Oil Inventories data release on Wednesday at 14:30 GMT. The LIGHT.CMD/USD exchange rate gained 18 pips or 0.32% right after the release. The US Crude Oil continued trading at the 56.40 level against the Greenback.
Energy Information Administration released the US Crude Oil Inventories data, which came out better-than-expected of negative 10.0M compared with the forecast of negative 2.8M.
The US Crude Oil has been appreciating since Monday, as the Joint Ministerial Monitoring Committee reported the compliance in the agreement between OPEC and partner countries to decrease production. However, the commodity is still under pressure, as the US-China trade tensions have been escalating.
