US Oil Production Rises To Highest Since 1994, Up 1M Barrels Per Day From Year Ago
By Sumit Roy , http://www.hardassetsinvestor.com
November 30th, 2012
We take a look at the latest developments in the oil market, including charts of all the major inventory categories.
The Department of Energy reported this morning that in the week ending Nov. 23, U.S. crude oil inventories decreased by 0.3 million barrels, gasoline inventories increased by 3.9 million barrels, distillate inventories decreased by 0.8 million barrels and total petroleum inventories decreased by 1.4 million barrels.
Crude oil prices were modestly lower ahead of the latest inventory figures and remained down after the release. The ongoing “fiscal cliff” saga in the United States has weighed on prices, even in the face of improving economic data.
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