Crude oil drops sharply to lowest since 2009 after inventory data

FXStreet (Córdoba) - Crude oil resumed the decline and accelerated below $42 a barrel. It bottomed recently at $41.35, reaching the lowest level in six and a half years. The movement followed the report about inventories that showed the biggest rise in four months.

According to the Energy Information Administration, crude inventories jumped by 2.6 million barrels surprising market analysts that were expecting a decline of 700.000.

The price of crude oil is falling more than 3% and triggered a strong rally in USD/CAD that rose above 1.3100 and in USD/MXN that jumped from 16.42 to 16.54, reaching a new all-time high. Greenback is rising against emerging market currencies.