Friday, July 9, 2010

US Oil Inventories Down on July 8, 2010

Crude oil rose to a one-week high as US inventories tumbled after Hurricane Alex disrupted output and deliveries in the Gulf of Mexico. Jobless claims also fell.
Inventories dropped 4.96 million barrels to 358.2 million, the biggest decline since September, the Energy Department said. Stockpiles were forecast to decrease by 2 million barrels. Fuel demand climbed to a five-week high. The Labor Department reported that the number of people applying for jobless benefits slipped a greater-than-forecast 21,000 in the week ended July 3.
"A big drop in inventories and rising demand are a bullish combination," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts

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