By Sumit Roy
Price action signals that growth considerations dwarf IEA?s release of 60 mmbbl of oil from strategic petroleum reserves.
The Department of Energy reported this morning that in the week ending July 1, 2011, U.S. crude oil inventories decreased by 0.9 million barrels, gasoline inventories decreased by 0.6 million barrels, distillate inventories decreased by 0.2 million barrels and total petroleum inventories increased by 0.5 million barrels.
Already rallying thanks to a strong ADP jobs report, crude oil surged even more after the latest EIA figures. Prices are now decisively above where they were immediately before the IEA announced it would release 60 million barrels of strategic petroleum reserves onto the market, with WTI near $99 and Brent near $118.
Notably, Brent prices bottomed out June 27 at around $102, thus the benchmark has rallied $16 over the course of only several sessions. The primary catalyst
Complete Story »
Sara Spraker Alexis Bledel Kim Kardashian China Chow Alecia Elliott
No comments:
Post a Comment