By FX Empire.com
Crude oil prices declined after the EIA report showed crude oil inventories rose below expectations last week after trading within a narrow range throughout Wednesday’s session, while oil prices were also fell under pessimism that EU leaders will announce strong measures at the EU summit to ease the euro zone debt crisis.
However, crude oil prices received strong bearish momentum after the EIA report, which showed inventories rose by 4.7 million barrels last week, opposite to expectations of an increase by 1.7 million barrels, and the prior decrease of 4.7 million barrels.
The outlook for crude oil though has become highly uncertain, since the sentiment in markets has become the major market mover for crude oil prices, but overall, we still expect crude oil prices to remain under pressure, since signs of weak global growth continue to emerge, and that should weigh down on demand for crude oil in the coming period.
Thursday October 27:
The United States will start with the weekly jobless claims for the week ending October 22 at 12:30 GMT following a gain of 403 thousand two weeks earlier.
At 12:30 GMT, The U.S Department of Commerce will post the first reading of the GDP for the third-quarter of 2011, where projections suggest the economy expanded by 2.5 percent in the past three month, compared to the prior 1.4 percent growth in the second quarter this year.
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