Oil Roars Up as U.S. Crude Stocks Slide

[hang a left]

Oil Roars Up as U.S. Crude Stocks Slide

By Andrew Mitchell
LONDON (Reuters) - Oil prices rebounded from an eight-session slide on Wednesday, jumping more than four percent as a U.S. government report showed crude oil stocks falling to the lowest level in five months.

U.S. light crude (CLc1: Quote, Profile, Research) raced $1.78 higher to $43.90 a barrel, back within $5.50, or 11 percent, of a record high of $49.40 struck last month. London's Brent crude (LCOc1: Quote, Profile, Research) was up $1.51 at $41.12 a barrel.

Prices jumped as the U.S. federal Energy Information Administration said in a weekly report that crude stocks dropped 4.2 million barrels last week to 287.1 million barrels, the lowest level since March.



http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=6126227

[hatrack]

1. Man, I'd have permanent whiplash if I were a commodities trader!

SPROINNNNNGGGGGGG!!!!!!!!!

[The_Casual_Observer]

2. Just last night they predicted a steep decline in oil prices

Just last fucking night.

I guess it was supposed to be an all around "feel good" night for the freepers or something.

[ramapo]

5. Wishful thinking

America is addicted to it...one day all the wishing in the world won't fix the problems facing us.

[TahitiNut]

3. Well, that's consistent with the 'hedge fund' theory.

:shrug: These are futures, and those markets are hugely driven by 'greater fool' exploitation in the short term.

[joefree1]

4. Whatsa matter?

Didn't Rove's check cash at the Bank of Saudi Arabia?


Download the free poster/sign here:
http://ediablo.com/eDiabloGallery.html

[Sinistrous]

6. But but but I thought that the dictatertot had just bought millions of

barrels of crude for the strategic reserve (at incredibly high prices, of course). How can US stocks be down, given the bushbaby's brilliant strategic planning??????

</sarcasm>

[struggle4progress]

7. kick

:kick: