Oil Trades Up To $73 On Expected Inventory Drop

Filed under: International Markets, Forecasts, Indices, Economic Data, Oil

Oil traded higher today. After falling for six straight session, US crude was up 2.1% to $73.48. The catalyst was an expected drop in inventories. The US Energy Information Administration will likely show a drop of 2.8 million barrels, according to Reuters analysts. Gasoline inventories were forecast down 300,000 barrels.



The rally was also fueled by the jump in US stocks. The Dow Jones Industrial Average is up 1.17% powered by better than expected earnings from State Street Corporation (STT). Robert Yawger, commented that: "More than anything else, its the strength in equity markets that are supporting crude oil markets."

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Oil Trades Up To $73 On Expected Inventory Drop originally appeared on BloggingStocks on Wed, 07 Jul 2010 17:30:00 EST. Please see our terms for use of feeds.

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Dow Jones Industrial Average - Energy Information Administration - Stock market - State Street Corporation - Business

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