Crude Oil Increases After Report Showing U.S. Stockpile Decline |
| Bloomberg - Jun 22, 2011 |
Crude oil climbed as a government report showed U.S. supplies fell a third week and refineries bolstered operating rates to the highest level in 10 months.
Futures rose as much as 1.3 percent after the Energy Department said oil inventories dropped 1.71 million barrels to 363.8 million last week. Refineries operated at 89.2 percent of capacity, the most since the week ended Aug. 13. Greek Prime Minister George Papandreou won a vote of confidence, reducing concern repercussions of Greece’s debt crisis will spread.
“The inventory data today was certainly supportive,” said Sean Brodrick, a natural resource analyst with Weiss Research in Jupiter, Florida. “We’re also higher because it doesn’t look like the euro zone is going to implode soon. The Greek vote of confidence is a huge relief.”
Crude oil for August delivery rose 67 cents, or 0.7 percent, to $94.84 a barrel at 11:25 a.m. on the New York Mercantile Exchange.
Read Full Article from Bloomberg
- Posted: 2011-06-22 11:03:10
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