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World Crude Oil Prices Rebound On Supply Decline

Posted by: : Paul EbelingPosted on: August 21, 2014 World Crude Oil Prices Rebound On Supply Decline

World Crude Oil Prices Rebound On Supply Decline

World Crude Oil  prices rebounded Wednesday after government data showed US Crude Oil stockpiles fell more than expected.

US Crude stockpiles lost 4.5-M bbls to 362.5-M bbls for the week ended 15 August, topping market expectation of 1.7-M, according to the Energy Information Administration ( EIA).

Stockpiles at Cushing, OK, the delivery point for US Crude Oil, gained 1.75-M bbls to 20.2-M. Supplies at the hub have increased for three weeks as a fire shut down a refinery in Kansas since 29 July, which used supplies from Cushing.

Traders kept close watch of the development in Iraq. Iraqi troops, joined with Kurdish fighters are fighting with militants in the north of the country.

Investors are also looking to the speech of Fed’s Chairwoman Janet Yellen, who will deliver a speech Friday at the Federal Reserve Bank of Kansas City’ s annual economic symposium in Jackson Hole, WY.

WTI Crude Oil for Sept delivery moved up 1.59  to finish at 96.07 bbl on the New York Merc, while Brent Light Crude for Oct delivery gained 72 cents to close at 102.28 bbl in London on the ICE exchange.

NYMEX Crude Oil Continuous Contract
Last 93.24 Change -0.21 Change % -0.23%
Open 93.49 High 93.69 Low 93.21

Last Updated: 21 August 05:25 GMT

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Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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