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Oil Swings as US Stockpiles Fall Sharply

From rigzone.com

Oil fluctuated as traders weighed a larger-than-anticipated drop in US crude stockpiles against broader risk-off sentiment. West Texas Intermediate settled below $83 a barrel after swinging in a narrow range on Wednesday. US oil inventories fell by 6.37 million barrels last week, according to an Energy Information Administration report. The stockpile draw was larger than most analysts anticipated and was the biggest decline since January. Meanwhile, a flight from risky assets gripped broader markets. The S&P 500 Index swung in directionless trading while a stronger US dollar made commodities priced into the ... (full story)

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  • Category: Fundamental Analysis