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Crude narrow traded so far on mixed sentiments…

Publish Date23/08/2012 04:08:53 PM

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Crude narrow traded so far on mixed sentiments…

Although on a daily scale the black gold rose to a three-month high on speculation that central banks in the U.S, China and Europe will ease monetary policy to boost their economy and accordingly the global economic health.

Yet fears remain spotted as well due to the unending unsolved EU debt crisis and the fact that the U.S Congressional Budget Office sees actually a worse scenario regarding the economic health of the world`s leading economy as the enormous government spending cuts and tax hikes that are due next year are forecasted to only make the economical situation worse and accordingly crude consolidated so far around $97.54 a barrel recording a high of $98.30 per barrel and a low of $97.28 per barrel.

Plus this week`s EIA report showed that the U.S. commercial crude oil inventories decreased by 5.4 million barrels from the previous week. At 360.7 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 1.0 million barrels last week and are in the lower half of the average range.

Furthermore both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories increased by 1.0 million barrels last week and are below the lower limit of the average range for this time of year.


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