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Commodities Briefing - Categorized | Oil, Price Watch more

Oil rises towards $38 on surprise crude stocks drop

Posted on 11 February 2009

From Reuters: Oil climbed towards $38 a barrel on Wednesday, paring some of overnight’s 5 percent losses, after the industry group American Petroleum Institute’s weekly inventory data showed crude stockpiles had fallen unexpectedly.

But a downward revision by the U.S. government on its oil demand forecasts and doubts over the effectiveness of the U.S. government’s bank rescue plan capped oil’s gains….. Full Article: Source


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