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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » OIL MARKET CLIMBS AS US CRUDE STOCKS TUMBLE

OIL MARKET CLIMBS AS US CRUDE STOCKS TUMBLE

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Pethi

Pethi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

http://www.breitbart.com/system/wire/3dc31a4f-4583-4b51-902f-4210c5da0121

World oil prices advanced on Wednesday after news that US crude reserves sank by far more than predicted, indicating stronger than expected demand in the top consumer, dealers said.

In late afternoon deals in London, Brent North Sea crude for delivery in September climbed 47 cents to stand at $107.80 a barrel.

US benchmark West Texas Intermediate (WTI) for September gained 71 cents to $103.10 a barrel compared with Tuesday's closing value.

"A drop in (US) oil inventories gave crude prices a lift," said analyst Jasper Lawler at trading firm CMC Markets.

The US government's Department of Energy revealed Wednesday that American crude inventories tumbled by four million barrels in the week ending July 18.

That marked the fourth weekly decline in a row and was far heavier than market expectations for a drop of 2.5 million barrels.

Falling crude stockpiles indicate strengthening demand for oil in the United States, which is the world's biggest consumer of crude. That tends to push oil prices higher.

Traders, meanwhile, continued to monitor the latest newsflow from Ukraine and the Middle East.

Israel's operation against Hamas in Gaza continued to cause tensions, as UN chief Ban Ki-moon urged an end to the conflict that has entered its 16th day.

Oil prices fell modestly on Tuesday despite concerns about the conflicts in two key regions that are key for world energy supplies.

Tensions in Ukraine have eased since news that pro-Russian rebels had handed over the black boxes from the Malaysia Airlines passenger jet that came down in its restive east, killing almost 300 people.

With the US blaming Moscow-backed separatist rebels for the incident, there are fears that an escalation of the conflict and tit-for-tat sanctions could affect supplies from Russia, the world's second-biggest crude producer.

shadow walker

shadow walker
Vice President - Equity Analytics
Vice President - Equity Analytics

Ha ha .. Pethi we are correct about LIOC .. It will reach to 30 - 35 levels

Pethi

Pethi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

shadow walker wrote:Ha ha .. Pethi we are correct about LIOC .. It will reach to 30 - 35 levels

I have always keep my extra cash ready for this moment. I bought it high, but sold them all. MY LIOC cash goes only to LIOC nothing else. I had 15,000 shares but today, I can get nearly 18,000.
I am happy as far as it goes down and collect more than 20,000+. and then get dividend for them.

That's why I urge others to sell it and buy cheap.
LIOC life span is deteriorating with renewable energy.

research what Americans doing now.They know they don't have enough oil, so they get ready....! smart hey? we still go after oil.....!

But As Sri Lankans we can play the game for 3-5 years. How could we throw out our gas cylinders and petrol cars????? even trains???

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

we all want to see the market play to our tunes.... but most of the times we have to play to the tune of the market.

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