Oil Price Rally Unwinds As Markets Doubt OPEC’s Intentions
OilPrice.com ------ The oil price rally continued into this week, although ran into trouble by Friday. Crude prices surged on the EIA report on Thursday showing a significant drawdown in crude inventories. Oil storage dipped by 6.3 million barrels and gasoline inventories fell by 3.7 million barrels. The drawdowns added a lot of positive momentum to the oil market and traders seized on those bullish factors. But by Friday the markets turned their eyes back on the news from OPEC showing a recent surge in oil exports. U.S. oil production also rebounded after dipping last week. Crude benchmarks sank on the news. To learn more click on the picture below to read the article.