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Commodity Daily News
Crude Oil Inventories Continue to Rise
Thursday, 16 Apr 2009
Despite the large jump in the supply of U.S. Crude Oil Inventories, the price of Crude still remains relatively high. Oil Inventories rose by 5.6 million barrels this week, more than twice the forecasted amount. This is the third consecutive week that Crude Oil stocks have risen. The price of Crude Oil ended the day's trading at $52.20.
Some analysts feel the price of Crude Oil may be fundamentally overvalued. Rising stock markets and an appreciating Dollar may be artificially supporting the commodity. With an absence of positive economic data, the possibility for a drop in Crude Oil prices exists. A possible price target could be below the $49 level.
