Thu, 09 Aug 2012 00:00:00 +0200
US Inventories Figure Helps Crude Extend Gains
The price of crude oil advanced during European trading yesterday, as a lower than forecasted US Crude Oil Inventories figure signaled to investors that demand in the world's leading oil consuming country has gone up. Crude advanced over $1.50 a barrel, reaching as high as $94.68 before staging a downward correction later in the day. Today, traders should pay attention to US news and its impact on risk sentiment among investors. Any better than expected news could help boost risk taking and may also be taken as a sign that demand for crude in the US is still increasing. In such a case, oil could see additional gains during afternoon trading.
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