Inventory Build Is Irrelevant –

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.

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James Sutliff

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