Futures Market News
Oil rises after supplies fall in U.S. government report
Mar 21, 2012 09:49 AM
Inventories were initially forecast to gain 2.2 million barrels, according to the median estimates of 11 analysts in a survey given by the news outlet.
Crude oil for May delivery rose 42 cents to $106.49 a barrel, marking an increase of 0.4 percent for the commodity on the New York Mercantile Exchange. The resource was trading at $106.36 a barrel prior to the release of the Energy Department report.
"It looks like we're going to see a drawdown this morning, and that seems to be putting the market on an even keel," Matt Smith, an analyst with Summit Energy, told Dow Jones Newswires. "After yesterday's series of bearish comments from Saudi Arabia, we've seen the API report bring attention back" to inventories.
Oil prices suffered a slight pullback on Tuesday, following comments made by Saudi Arabian officials that indicated the country would work to keep prices from rising.
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