Crude rose for a second day as US dollar dropped
2009 April 23
Crude rose for a second day as US dollar dropped and gains in the stock market outweighed the rising inventories. Prices had dropped earlier on an energy department report that oil inventories rose 3.86 million barrels to 370.6 million barrels, the highest since September 1990.Crude was down 1% at $ 47.96/bbl due to an increase in US inventories for 7th week. US inventories are at 18 year high and the demand is down 6.6%, which is at 10-year low. Near term range for crude is seen between $ 54 -$ 52/bbl.
No related posts.
Subscribe to Stock Market Today