Crude prices rose today on a weakened dollar and on a cheerful EIA report as it showed that the U.S. commercial crude oil inventories increased by 0.7 million barrels while that the market expected actually a higher gloomier incline of 1.5 million of barrels, indicating that the demand on energy of the top oil consumer country is recovering further from the recession.
If truth be told, the EIA report showed that the U.S. commercial crude oil inventories increased by 0.7 million barrels from the previous week. At 361.2 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 1.2 million barrels last week and are above the upper limit of the average range.
Whereas both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 2.2 million barrels and are above the upper boundary of the average range for this time of year
Furthermore the Organization of the Petroleum Exporting Countries stated that the median price of its OPEC Basket; which includes 12 crudes, inclined on Tuesday reaching $79.30 a barrel compared with $79.03 on Monday.
As a result sentiments of optimism are spread throughout the blackgold marketto watch the crude prices trade at $81.86 a barrel recording a high of $82.08 per and a low of $80.15, plus the S&P GSCI gained by 10.02 points to 553.24. For today's range and technical points click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.