03.04.2014 - Oil futures dip on continued demand concerns
Oil prices declined Wednesday as a drop in U.S. supply failed to erase traders' fears about sluggish demand. U.S. crude-oil supplies fell last week for the first time in 11 weeks, the U.S. Energy Information Administration said, upending analyst expectations. But traders wrote off the drop as a one-week aberration--a closure of the Houston Ship Channel between March 22 and March 25 limited imports of crude oil and required refiners to draw more supplies from storage. Inventories likely will rise again next week, said Andy Lipow, president of Lipow Oil Associates in Houston. Demand for crude oil typically falls in March as refineries shut down units for seasonal maintenance.......................................Full Article: Source
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