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2015-09-04 18:55:00

OIL PRICES UPDOWN - 2

OIL PRICES UPDOWN - 2

The price for light, sweet crude oil for October delivery fell for a while during Sept. 2 trading following a government report that showed a US oil inventory gain, but the price reversed direction and moved into the black ink, closing above $46/bbl.

The US Energy Information Administration estimated the oil inventory increased by 4.7 million bbl, which was larger than analysts had anticipated for the week ended Aug. 28.

An inventory build of that size normally would have driven down oil prices, analysts said, adding traders on Sept. 2 appeared to have been focused on a recent recovery in Chinese and US equity…

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Tags: OIL, GAS, PRICES
Chronicle:
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