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Oil rose toward its highest close in over a week after the American Petroleum Institute reported a larger-than-expected drop in US crude stockpiles. Analysts noted a North Sea pipeline shutdown was also tightening the market.
Falling US inventories signal tighter near-term supply, which supports crude prices. The move was driven by an inventory estimate rather than a structural change, so its effect on feed costs is limited.
energynow.caDecember 20, 2017 by Grant SmithDec 1, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
