The market was expecting an increase of 3.5 million barrels of oil inventories this morning, but the Energy Information Administration revealed a smaller increase of 1.3 million barrels at 9:30 CDT. This was bullish for the price of crude. Within 10 minutes of the news release, the price increased by $1.25 a barrel. The price continues higher and at 10:36 is trading $2 higher for the day.
This weekly report is getting a lot of attention these days, and moves the market. Please make a note of it.
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