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LeGagneuron Oct 06, 2011 6:04am
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Crude Rises for a Second Day After U.S. Stockpile
Crude Rises for a Second Day After U.S. Stockpile“Oil prices have been quite resistant to the turbulence in the U.S. and Europe,” said Thina Saltvedt, an analyst at Nordea Bank AB in Oslo who expects Brent to remain at $100 a barrel for the next few weeks and average $110 this quarter. “The latest macro figures have not been as disappointing. It’ll take something worse to bring prices down.”
Crude is extending gains in New York as the technical chart’s five-day stochastic oscillators have fallen below 30, signaling futures have dropped too quickly, according to data compiled by Bloomberg. Investors tend to buy contracts when prices are deemed to be oversold.
Inventories at Cushing, Oklahoma, the delivery point for New York-traded futures, tumbled 831,000 barrels to 30.1 million last week, the lowest level since March 2010, according to the Energy Department report. Supplies declined for a tenth week.
https://www.bloomberg.com/news/2011-10-05/crude-oil-trades-near-four-day-high-on-shrinking-supplies-u-s-job-growth.html