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***Top stories from the last 15 days
Crude Oil Report Crude Oil Report: US Oil Demand Plunges To Lowest Since 1999, S. Sudan Shuts Off Oil Production- Written by Sumit Roy |
- February 01, 2012
Crude Oil Report: US Oil Demand Plunges To Lowest Since 1999, S. Sudan Shuts Off Oil Production
- Details
U.S. oil demand continues to plummet, but supply-side risks keep prices elevated.
The Department of Energy reported this morning that in the week ending Jan. 27, U.S. crude oil inventories increased by 4.2 million barrels, gasoline inventories increased by 3 million barrels, distillate inventories decreased by 0.1 million barrels, and total petroleum inventories increased by 8.4 million barrels.
Crude oil traded off its high for the day after the latest figures, but was still up on the session. Brent was last trading at $111.90/bbl, while West Texas Intermediate traded at $98.39.
From a technical perspective, oil remains uninspiring. Brent is still trapped in its $100 to $115 range. In recent sessions, that range has narrowed even further to just above and below $110. Similarly, WTI has been hovering just above and below $100.
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