Crude up above $90 on API data, eyes EIAs

U.S. crude oil futures prices rose on Wednesday, moving above $90 a barrel, on industry inventory data released the previous day showing crude and gasoline stocks fell last week.

Oil prices stayed elevated despite a report showing that,
while U.S. economic growth was a touch higher than previously
estimated in the third quarter, it was below expectations as a
rise in the pace of inventory accumulation was offset by
downward revisions to consumer spending.

The dollar's weakness, expectations that an improving
economic recovery will raise oil demand and cold weather in
Europe and the United States also helped lift oil prices.

Read Full Article from Reuters

- Posted: 2010-12-22 09:04:18

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