Oil Stalls As US Production Increases 1 Mil Barrels Per Day To New HighBy Sumit Roy , http://www.hardassetsinvestor.com dvoros@hardassetsinvestor.com July 27th, 2012 U.S. inventories and production surged last week. The Department of Energy reported this morning that in the week ending July 20, U.S. crude oil inventories increased by 2.7 million barrels, gasoline inventories increased by 4.1 million barrels, distillate inventories increased by 1.7 million barrels and total petroleum inventories increased by 10.1 million barrels. Crude oil was lower after the latest inventory figures from the EIA. The report was decidedly bearish—U.S. inventories rose significantly and output in the country reached a fresh 13-year high. By Sumit Roy , http://www.hardassetsinvestor.com dvoros@hardassetsinvestor.com July 27th, 2012 |
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