U.S Energy information agency report

Last week, the U.S economy issued the “U.S Energy Information Agency Report” for the oil stocks, which showed a deficit in the stock by around 1.8 million barrel, comparing to a surplus of around 2.9 million barrel the week before, which makes the current reading better than the analysts expectations which was at a deficit of 2 million barrels, so by that the U.S oil stocks would be at 360.2 million barrel, which is higher than the average range for this time of the year.

On the other hand, the engine fuel stocks have dropped in the U.S by 1.8 million barrel to be at the highest point of the average range for this time of the year, while the report pointed that the derivatives stock, including the heating fuel, raised by 0.5 million barrel, which is below the average range for this time of the year.

Based on the above, the curl oil prices rose to trade around 107.96$ per barrel comparing from an opening level at 107.48$ a barrel. The highest level was at 108.50$ a barrel while the lowest level was at 107.12$ a barrel.

At the time of writing this article, the US dollar index is trading at 82.57, with 0.50% more than the opening price, to face the next resistance level at 83.12 and then 83.45 and 84.74.

The EUR/USD found support at the 1.3120 area after facing a new wave of being over-sold at 1.3160, and the pair is currently trading at 1.3125, while the markets are focusing on the employment data due tomorrow from the U.S.

The GBP/USD managed to break through the 1.5600 and continued descending amid the anticipation of the none farm payroll report from the U.S expected today.

The pair is currently settled below the 1.5600 at the 1.5573 at the daily frame, which would attract sellers to find the support at the previous resistance levels which the pair tested last Tuesday. The AUD/USD was on a sideway move at the 0.9130/50 area, descending from the 0.9190 level before the Friday U.S economic data.

The Dow Jones Industrial Average for the U.S major firms rose by 19.09 points (0.13%) to a 14,949.96 points. While the wider S&P 500 index rose by 4.05 points (0.24%) to 1,657.13 points.

The Nasdaq complex rose 14.95 points (0.41%) to 3,663.99 points.