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| Analysis | Crude oil halted yesterday's rally after the release of the EIA report which showed a rise in crude inventories. Oil for November delivery is currently trading around $83.40 a barrel after recording a high of $84.60 and a low of $82.65. The EIA report showed that the U.S commercial crude oil inventories increased by 1.9 million barrels from the previous week. At 341.0 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 0.8 million barrels last week and are upper limit of the average range. By extension, finished gasoline inventories remained unchanged while blending components inventories increased last week. Distillate fuel inventories increased by 0.1 million barrels last week and are in the upper limit of the average range for this time of year. Also, a report from the U.S. showed that durable goods orders plunged 0.1% in August from a revised of 4.1% in July, adding to signs the world's largest crude consumer is continuing the sluggish growth. The EIA report along with the grim U.S. durable goods report offset the optimism stemming from hopes that euro area leaders will do necessary steps to ease the tensions in markets. Today, The European Union proposed a financial-transactions tax that will become effective in 2014 to “ensure that the financial sector makes a fair contribution at a time of fiscal consolidation,” according to the European commission. On the other hand, Finland ratified the expansion of the European rescue fund to join Greece, Ireland, Italy, Spain, France, Belgium, Luxembourg, and Slovenia, ahead of vital voting in Germany on Thursday. In the FOREX market, the dollar was negatively affected by the hopes in markets which encouraged investors to leave refuges. The dollar index, which tracks the dollar movements versus a basket of major currencies, edged down to a low of 77.30 compared with the day's opening level of 77.76.
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