Advantage: Crude

- October 8th, 2009

Crude Investing News reports crude oil fell due to inventories. Inventories of crude oil dropped 978,000 barrels to 337.4 million, the report showed. A 2 million-barrel gain was forecast by analysts. Supplies are 10 per cent above average. Imports fell 4.6 per cent to 9.1 million barrels a day last week. At just under $70 … Continued

Crude Investing News reports crude oil fell due to inventories.

Inventories of crude oil dropped 978,000 barrels to 337.4 million, the report showed. A 2 million-barrel gain was forecast by analysts. Supplies are 10 per cent above average. Imports fell 4.6 per cent to 9.1 million barrels a day last week.

At just under $70 a barrel, oil prices are still almost exactly at the center of a $10 trading range that has held firm for most of the last four months. While the oil and fuel surplus is holding prices down, optimism that a recovering economy will soon bring inventories back to normal has halted downward corrections just as quickly.

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