Oil Trades Higher As Inventories Shrink

Filed under: Oil

Oil prices have been steadily falling over the past 3 weeks, but broke through the psychological $75 barrier today as the Energy Department announced a drop in inventories last week.



Going into today's inventory report, analysts had been expecting to see oil inventories drop by 2 million barrels, but the impact that Hurricane Alex on operations in the Gulf was greater than expected and supplies actually shrank by 4.96 million barrels.

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Oil Trades Higher As Inventories Shrink originally appeared on BloggingStocks on Thu, 08 Jul 2010 16:40:00 EST. Please see our terms for use of feeds.

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Hurricane Alex - BloggingStocks - Business - Energy - Oil and Gas

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