Crude Inventory Drops; Prices Rise
The analysts have cited a quicker and stronger-than-expected turnaround in the global economy, leading to revised GDP forecasts and expectations for oil demand.
As oil trades inversely to the U.S. dollar, the continued weakness of the currency has contributed to what has been a series of analyst forecast upgrades for the price of oil over the past several months. Futures and funds that track crude oil have been trading up. The iPath S&P GSCI Crude Oil Total Return(OIL) began trading on Monday at $26 and reached $27 in mid-morning trading today; while NYMEX crude oil futures were up 0.5% in trading after the Energy Department report. -- Reported by Eric Rosenbaum in New York Follow TheStreet.com on Twitter and become a fan on Facebook.- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,733.67 | 1,166.21 | 2,389.09 | 36.42 |
Oil *
81.39
|
|
UP
47.69
|
UP
6.75
|
UP
11.08
|
UP
0.00
|
10 Yr
3.64%
SPDR Gold
109.59
|
|
+0.45%
|
+0.58%
|
+0.47%
|
+0.00%
|
Data delayed 20 minutes |
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