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Ξ January 29th, 2009 | → 0 Comments | ∇ Uncategorized |
Oil moves higher despite bearish inventory report
Filed under: International markets, Forecasts, Products and services, Middle East, Economic data, Oil, Federal Reserve, Financial Crisis
oil prices inched up slightly today, in the face the fact that inventories swelled much more than the market had anticipated matrix week. going into today’s inventory surface from the u.s. department of power, analysts had been expecting to socialize with an increase in oil inventories last week. but, on average, analysts had been expecting that the increase would be circa 3.4 million barrels, and the actual increase was much larger, with a reported 6.2 million distend: a pure bearish indicator. typically when we see inventories lift so much higher than expected, we would expect to last traders push oil prices lower, but not today. in preference to, oil was able to move a bit higher on the day, trading up 58 cents a barrel to $42.16. earlier in the session prices had been up as high as $43.60.
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Oil moves higher despite bearish inventory report originally appeared on BloggingStocks on Wed, 28 Jan 2009 18:15:00 EST. Please see our terms for use of feeds.
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