Warm_Paw

Crude Oil Inventories Show a Sharp Decline

Oil is getting a boost this morning following the weekly EIA inventory report which showed that crude oil stockpiles increased by 3,963K barrels (expectations called for a build of 1,500K). At a time of year when stockpiles are typically rising, today's inventory decline came as a big surprise.

3963 K > than 1500 K

That means an increase in inventory, not a decrease.

Oil prices at present are strictly tied to the value of the US Greenback. Everyone agrees the Fed is not going to raise rates, thus oil is not about to take a whipping.

Should the Fed raise rates, oil falls in price on the barrel.

I'm typing slow so you don't get this confused.... ;-)