Commodity Daily News

Crude Oil Sees Minor Uptick as Inventories Grow

Crude Oil prices gained mild support Wednesday as sentiment appeared to favor an uptick brought about by a mild uptick in US stockpiles. The weekly report revealed yesterday that the US has added roughly 1.3 million barrels to its reserves. This news has so far countered the notion of a sinking price of oil brought about by higher USD values and pushed oil into a bullish posture from supply shortfall speculations.

An expected dip in oil values due to this week's risk sensitive environment, which saw the greenback climbing sharply, has so far not affected the price of physical assets in any clearly visible way. The stockpile report out Wednesday surprised many investors who had priced in a far milder decline in reserves. With this sentiment grabbing hold among many traders, oil prices could see resurgence above $90 a barrel in the near future.