Seeking Alpha

Oil prices get support from Fed, inventories data

  • "News of [the] Fed refraining from tapering comes at the same time as relatively low spare capacity and relatively low crude [and product] stocks," Barclays' oil analyst Miswin Mahesh says.
  • Mahesh believes emerging market demand is now set up for an upside surprise, as the prospect of rising import costs appears likely to "fade."
  • MarketWatch notes that the 4.4M barrel decline in crude inventories reported by the EIA on Wednesday "far exceeded [Platts'] expectations for a fall of 1.5M barrels."
  • The outlook: Barclays sees prices staying put with "an upward bias" for the balance of the year.
  • ETFs - OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI
  • Crude +0.58% to $108.70
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