Oil declined slightly during the Asian session as API’s report shows estimated change in oil stocks equal near 7 million barrels, which means that the global oil glut. The official data is being published today at 3:30 pm BST by the US DoE.
The Bank of Canada meeting is being held today at 3:00 pm BST. The bank currently has its main reference rate at 0.50% after a last cut on July this year. It’s very unlikely the BoC changes its rates and this is what market has priced in.
Negative sentiment on stock markets can be easily detected. Stocks in China are falling significantly at the end of the Asian session and weak performance of companies’ earnings for 3Q15 on Wall Street are a serious risk factors.