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Oil Declines After U.S. Stockpiles Surge the Most Since 2 - Bloomberg

Oil tumbled after the Energy Department said U.S. stockpiles surged the most since 2008 as U.S. crude output climbed to the highest level in 12 years.

Futures fell to a six-week low as inventories rose 9.01 million barrels to 362.4 million last week, the most since June. Production gained 2.9 percent to 6.05 million barrels a day. Oil also decreased after the Federal Reserve signaled it may refrain from more monetary stimulus.

"U.S. inventories are obviously more than ample," said Bill O'Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $1.3 billion. "U.S. production keeps increasing. This proves that when prices rise high enough producers are going to find new ways to bring supply to market."



The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Wed Apr 4th, 2012 at 12:56:40 PM EST
[ Parent ]
paging Chris Cook, your ship has arrived

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Thu Apr 5th, 2012 at 02:13:39 AM EST
[ Parent ]
Oil Declines After U.S. Stockpiles Surge the Most Since 2 - Bloomberg
Brent oil for May settlement fell $2.52, or 2 percent, to end the session at $122.34 a barrel on the London-based ICE Futures Europe exchange.

It might be a sign, but for the moment it's not a big ship...

And what's this about stocks?

Oil Declines After U.S. Stockpiles Surge the Most Since 2 - Bloomberg

The surge in U.S. oil production reflects a change in the way the department estimates output, said Barbara Mariner-Volpe, who is in charge of the oil and gas supply statistics. The weekly estimates rely on monthly production tallies that the department calculates using state reports and Interior Department data, she said.

In the past, the Energy Department revised its monthly figures once a year based on updated state and federal numbers, she said. In April, the department began incorporating that information on a monthly basis.

Stockpiles surge...

by afew (afew(a in a circle)eurotrib_dot_com) on Thu Apr 5th, 2012 at 02:25:31 AM EST
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In the past, the Energy Department revised its monthly figures once a year based on updated state and federal numbers...

See what happens when Radical Communist Socialists come to power? They even steal your shock absorbers!

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Apr 5th, 2012 at 10:16:28 AM EST
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