24th July 2014
Crude oil trading closed in on $103 again yesterday, but it required sharply declining US stockpiles to do it, with investors seeming somewhat blasé about ongoing geopolitical tensions.
After staying at or around three-dollars-past-the-ton either side of the weekend, the US crude price began to slide on Tuesday, seemingly because the markets reckoned that all the risk had been factored into the commodity's value.
That's despite the death toll continuing to rise in Gaza and Europe agreeing to introduce further sanctions on Russia that amount to little more than a slap on the wrist. However, crude oil trading was soon upwardly mobile again yesterday once the EIA released its latest figures.
They showed that inventories slumped by four million barrels last week, far above the expected 2.8 million. That's in stark contrast to the previous day's API guesstimate, which only reported a 555,000-barrel fall. At 0700 GMT, the US crude price was sat at $102.96 a barrel.
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