Oil Price Soars $5 on Reduced Supply, Gas Could Head Much Higher
Crude for July delivery jumped more than $5 per barrel in New York yesterday (Wednesday) to close at $136.38 per barrel on declines in U.S. supplies and refinery activity. Supplies fell further than expected, with a 4.56 million decline to 302.2 million barrels last week, the U.S. Energy Information Administration announced. At the same time, refineries operated at just 88.6% capacity, a decline of 1.1% from the week prior. Most analysts had expected a mean capacity increase of 0.3%, according to a Bloomberg News survey. “This move was sparked by the very bullish crude inventory number,” Daniel Flynn, a broker with Alaron Trading Corp.…
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