Wed, 18 Jul 2012 00:00:00 +0200
Crude Oil Reverses Gains Following Bernanke Speech
After steadily increasing in value since late last week due to ongoing tensions with Iran, the price of crude oil turned bearish yesterday following a speech from Fed Chairman Bernanke. Investors shifted their funds to safe-haven assets after the Fed Chairman failed to mention a new round of quantitative easing to boost the US economic recovery. As a result, crude fell from $89.59 a barrel to $87.76 during the afternoon session. Today, oil traders will want to pay attention to the US Crude Oil Inventories figure at 14:30 GMT. Last week, oil saw a significant boost after the US inventories figure showed a sharp increase in oil consumption. Should today's news once again signal that oil demand is up in the world's leading energy consuming country, crude could reverse yesterday's losses.
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