The inventory build in crude oil was irrelevant in trading today as crude rose over $2 for the July contract. The inventory report from the Energy Information Administration indicated that supplies rose 2.4 million barrels. Analysts had only expected a rise of 100,000 barrels for the week. New home sales and durable goods orders both rose and that may be partially responsible for the rise in oil prices.
To read an article on Nasdaq, please click here: