Oil idles at $100 after stock rise exceeds estimate

February 27th, 2008 | Category: Oil

U.S. crude oil inventories increased 3.2 million barrels for the week ending February 22, 2008, the U.S. Energy data Administration announced Wednesday (pdf). Economists surveyed by Bloomberg had expected a 2.6 million barrel increase.

Oil continued to trade at near-record levels on the news. Oil was down 33 cents to $100.25 per barrel Wednesday at mid-day, after trading above $102 earlier in the session. The other major energy commodities

were mixed at mid-day. Heating oil gained about 1 cent to $2.81 per gallon, unleaded gasoline rose 1 cent to $2.53 per gallon, and natural gas declined fell about 10 cents to $9.11 per million BTUs.

Continue reading Oil idles at $100 after stock rise exceeds estimate

Original post by Joseph Lazzaro

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