06.02.2015 - Oil spikes in ‘super volatile’ market amid supply gain
Oil traded at the greatest volatility since April 2009 after U.S. crude supplies rose from the highest level in more than three decades. West Texas Intermediate gained as much as 7.5%, erasing an earlier 2.3% decline. Prices have moved an average of US$1.74 a day this year, up from 92 cents during the first 24 days of 2014. Crude inventories expanded by 6.33 million barrels to 413.1 million last week, the highest level in weekly records compiled since August 1982, the Energy Information Administration reported Wednesday. Oil’s swings have intensified since the Organization of Petroleum Exporting Countries decided in November to let rival producers deal with a global surplus that Iran’s oil minister pegged at 2 million barrels a day in an interview with state television...............................................Full Article: Source
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