Crude tops $ 70/bbl after unexpected drop in gasoline supplies
Crude prices topped $ 70 a barrel and surged nearly 6% after a US government report showed an unexpected decline in supplies of the motor fuel. Nymex crude gains 5.5% to settle at $ 70.61 per barrel. This is the biggest gain in crude prices since April. It was up 1% in last quarter.
Crude prices topped $ 70 a barrel and surged nearly 6% after a US government report showed an unexpected decline in supplies of the motor fuel. Nymex crude gains 5.5% to settle at $ 70.61 per barrel. This is the biggest gain in crude prices since April. It was up 1% in last quarter.
Factors for the gain in crude prices are inventories gain of 2.8 m bbl to 338.4 m bbl, decline in gasoline inventories at 1.66 m bbl, weak dollar and Iran statements’ support.
No related posts.
Subscribe to Stock Market Today