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What is the impact of US EIA crude oil inventory data on crude oil prices? What do you think is bullish or bearish?
Generally speaking, the price trend of crude oil is opposite to that of the US dollar index and the same as that of precious metals.

When crude oil stocks increase, it shows that there is an oversupply of crude oil in the market, which leads to a drop in oil prices, a rise in the dollar and a fall in gold.

When the crude oil inventory decreases, it shows that the market demand for crude oil is strong, which leads to the rise of oil price, the fall of US dollar and the rise of gold.

The change of crude oil inventory actually reflects the attitude of the US government towards oil prices. If the strategic crude oil inventory increases significantly, it shows that the US government recognized the oil price at that time, so it will increase the strategic crude oil inventory to snatch crude oil resources, thus intensifying the contradiction between supply and demand and leading to an increase in oil prices. or vice versa, Dallas to the auditorium

Therefore, the difference between EIA crude oil inventory and OPEC crude oil inventory is that EIA has a more direct and greater impact on the US dollar exchange rate.