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Commodity Daily News
Oil Prices Stable Above $82 a Barrel
Thursday, 5 Aug 2010
Crude Oil prices were little changed on Wednesday, near its highest level in three months, at more than $82 per barrel after a US oil inventories unexpectedly declined and economic reports showed service industries and payrolls rose more than forecast in July.
Inventories of crude oil fell 2.78 million barrels to 358 million, the department said. Supplies were forecast to drop by 1.65 million barrels.
As for today, the US Weekly Unemployment Claims report will likely determine crude's next move, with any mildly positive elements within them likely to keep the price on its upwards direction.
