GREY:LSTMF - Post by User
Post by
bushhog1on May 21, 2015 8:55am
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Oil rises towards $66 on U.S. inventory drop, Iraq
Oil rises towards $66 on U.S. inventory drop, Iraq Oil rose towards $66 a barrel on Thursday, gaining for a second day on expectations that a global supply glut is starting to ease and supported by fighting in Iraq.
The U.S. government's supply report on Wednesday showed crude inventories declined for a third week. Stockpiles had been at record levels due to excess supply, raising concern that storage capacity was getting tight.
Brent crude was up 75 cents at $65.78 as of 8:14 a.m. EDT (1214 GMT), after earlier falling as low as $64.83. U.S. crude was up 65 cents at $59.63.
senior broker at Jefferies Bache. "I can see prices moving up further from here on geopolitics towards $70."
https://www.cnbc.com/id/102696579