Thursday, October 15, 2009

Oil Rises After Report Shows Unexpected Drop in Gasoline Supply

Crude oil futures rose after a U.S. government report showed an unexpected decline in supplies of gasoline. Gasoline inventories dropped 5.23 million barrels to 209.2 million in the week ended Oct. 9, the Energy Department said today in a weekly report. Stockpiles were forecast to increase by 1.13 million, according to the median of analyst estimates in a Bloomberg News survey.

Inventories of crude oil rose 334,000 barrels to 337.8 million, the department said. Supplies were forecast to increase by 1 million barrels. Crude oil for November delivery increased 76 cents, or 1 percent, to $75.94 a barrel at 11:07 a.m. on the New York Mercantile Exchange. Oil traded at $75.26 a barrel before the release of the report at 11 a.m. in Washington.....read the entire article.

No comments:

Stock & ETF Trading Signals