US Inventories Figure Gives Oil a Boost

The price of crude oil saw upward movement during afternoon trading yesterday, after the US Crude Oil Inventories figure came in well below expectations, signaling increased demand in the world's leading oil consuming country. Overall, the price of oil advanced well over $1 a barrel during European trading and eventually peaked at $89.14. Today, the direction crude oil takes will likely be determined by the ECB Press Conference scheduled to take place at 12:30 GMT. If the ECB does announce new measures to boost growth in the euro-zone, risk taking could return to the marketplace which may lead to oil gains during mid-day trading.

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