Crude Stocks Post Surprising Fall
Crude oil futures rose late yesterday afternoon to close at USD85.84/barrel after the US Energy Dept surprised the market by saying that US stocks fell by 2.2 million barrels last week.
The news contradicted reports from the American Petroleum Institute Tuesday that US crude stocks had risen by 1.41 million barrels.
News that economic growth in China reached 11.9% in the first quarter of 2010 also helped to fee3d the bull's ideas that demand there will continue to increase.
The news contradicted reports from the American Petroleum Institute Tuesday that US crude stocks had risen by 1.41 million barrels.
News that economic growth in China reached 11.9% in the first quarter of 2010 also helped to fee3d the bull's ideas that demand there will continue to increase.
