The decrease in Cushing Crude Oil Inventories from 1.458M to 0.701M indicates a smaller build-up of oil supplies than expected, which could potentially lead to higher oil prices in the near term. This could be attributed to factors such as production cuts or increased demand. Higher oil prices could have a positive impact on oil-exporting countries' economies and currencies, such as the Canadian dollar (CAD), while negatively affecting oil-importing countries.
Currency sentiment: Bullish for CAD
Sentiment timeframe: Short term