17th July 2014
The US crude price's sojourn into double figures lasted all of a day, with Wednesday's data helping it bounce back with no little amount of style.
It was always likely to be a good day when Chinese economic growth came in slightly above estimate at 7.5 per cent for the second quarter, while year-on-year industrial production in the nation jumped by 9.2 per cent in June, better than both the previous month and the forecast.
That excitement took crude oil trading towards $101 a barrel territory, but it looked to have made all of its money before US inventories gave the commodity a shot in the arm.
The data from the EIA revealed that rather than a decline of 2.1 million barrels, stockpiles actually slumped by 7.5 million last week, showing a large demand for oil which helped to support the US crude price, which – at 0700 GMT today – stood at $101.51 a barrel.
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