What You Need to Watch Wednesday

Stocks seem to have fallen into a slow-motion summer lull, but any number of things can wake up the market in the dog days of August.

Topping the list could be the price of oil, which has rebounded on talk of an OPEC meeting in late September. Oil in recent sessions has crossed back above $40, and West Texas Intermediate settled 25 cents lower Tuesday at $42.77 per barrel.

Big for oil — and the market — is Wednesday’s Energy Information Administration inventory data at 10:30 a.m. EDT. That comes after bearish news late Tuesday from the American Petroleum Institute, which reported a large surprise build of 2 million barrels in crude stocks. Oil was trading slightly lower after the report.

CNBC

OPEC Smoke and Mirrors’ May Be All It Needs to Boost Oil

USD/CAD Canadian Dollar Slightly Higher Ahead of US Oil Inventories

Brent Crude – Has the Correction Run its Course?

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam