US Jobs Data, ECB Plans and Inventory Drop Bring Crude Up

- September 6th, 2012

Reuters reported that a drop in US crude oil inventories to 7.43 million barrels, positive US jobs data and news that the European Central Bank plans to launch a new bond-buying program combined to push oil prices higher.

Reuters reported that a drop in US crude oil inventories to 7.43 million barrels, positive US jobs data and news that the European Central Bank plans to launch a new bond-buying program combined to push oil prices higher.

As quoted in the market news:

Brent October crude rose 79 cents to $113.88 a barrel by 1:37 p.m. EDT (1737 GMT), having reached $115.15.

U.S. October crude was up $1.02 to $96.38 a barrel, under the 200-day moving average of $96.63. It earlier reached $97.71, a penny below the August 27 intraday high.

Total Brent crude trading volume was 11 percent above the 30-day average, outpacing U.S. crude turnover that lagged its 30-day average by 2 percent.

Click here to read the full Reuters report.

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