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Commodity Daily News
Oil Prices Rise as U.S stockpiles Fall
Thursday, 16 Jul 2009
Crude Oil continues to climb as stock markets rally and U.S Crude Oil Inventories showed a larger than expected decline. Crude oil for August delivery rose as much as 47 cents or 0.8% to $62.01 a barrel Wednesday. The weak Dollar and huge rally in the stock market following the release of Intel's forecast sales helped boost Oil prices. Crude inventories fell by 2.81 million barrels vs. the expected 2.1million and refineries are operating at 87.9%, the highest since August. However demand is still weak and so it is unlikely Oil prices will reach $70 a barrel again in the short term and it is likely to remain in the $60-$65 range.
