Crude prices rose today on a weakened dollar, a better-than forecasted labor data and cheerful EIA report knowing that the U.S labor department posted a bigger-than-estimated decrease within the jobless claims, which bolstered hopes regarding the current stagnated economical revival and forecasted according higher production levels that will lead to higher oil consumption levels throughout this coming period, while that the weak consolidated dollar boosted the appeal of the dollar-priced black gold in the eyes of international traders.
In fact, today's EIA report showed that U.S. commercial crude oil inventories decreased by 1.9 million barrels from a previous incline of 3.4 million of barrels, while a slight incline of 0.7 million of barrels was forecasted by the market, indicating that the demand on energy within the top oil consumer country is recovering gradually.
If truth be told, The EIA report showed that U.S. commercial crude oil inventories decreased by 1.9 million barrels from the previous week. At 359.9 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 decreased by 0.2 million barrels last week, and are above the upper limit of the average range.
Whereas finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 0.4 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 Wednesday reaching $74.04 a barrel compared with $73.03 on Tuesday.
Now, as a result of the current hopes spread regarding the present superpower recovery and cheerful EIA report, the crude prices opened at $75.44 a barrel recording a high of $75.94 per and a low of $74.62, plus the S&P GSCI shed by 3.50 points to 522.71.
For today's range and technical points click here. |