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Oil Near One-Week High; API Reports First Inventory Drop

Bloomberg -- West Texas Intermediate traded near the highest level in more than a week. U.S. crude stockpiles declined for the first time this year, according to the American Petroleum Institute.

Futures were 0.4 percent higher in New York after climbing 0.5 percent yesterday. Crude inventories fell 2.3 million barrels last week, the first drop in six weeks, data from the industry-funded API showed yesterday. An Energy Department report today may show supplies rose, according to a Bloomberg News survey. The International Energy Agency trimmed forecasts for global oil demand because of constrained economic expansion.

“Declining inventory levels in the U.S.” are supporting prices, said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “If the U.S. Energy Department reports a similar fal

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Submitted Feb 13, 2013 By: WxVette

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sjf238 Champion Author Philadelphia Posts:1,215 Points:647,955 Joined:Mar 2011	Message Posted: Feb 14, 2013 2:08:46 PM Ignore sjf238 Report Abuse ok
boatfloyd Champion Author Jacksonville Posts:1,728 Points:389,925 Joined:Mar 2012	Message Posted: Feb 14, 2013 12:14:09 AM Ignore boatfloyd Report Abuse Price up and we are buying more??????????????
mlmeng Champion Author Michigan Posts:1,640 Points:592,785 Joined:Mar 2011	Message Posted: Feb 14, 2013 12:03:21 AM Ignore mlmeng Report Abuse Gas went up $0.20 / gallon. Gas went down $0.10 / gallon. Gas went up $0.20 / gallon. Gas is now starting to go down. With this pattern, it won't be long before gas is $4.xx9 / gallon.
arb0526 Champion Author Greensboro Posts:1,981 Points:411,595 Joined:Mar 2011	Message Posted: Feb 14, 2013 12:02:17 AM Ignore arb0526 Report Abuse ok
Alfied Champion Author Riverside Posts:7,945 Points:1,757,235 Joined:Jun 2001	Message Posted: Feb 14, 2013 12:00:11 AM Ignore Alfied Report Abuse Up and down, up and down, makes the world go around.
grt197 All-Star Author Illinois Posts:583 Points:127,535 Joined:Jan 2013	Message Posted: Feb 13, 2013 11:59:47 PM Ignore grt197 Report Abuse yes yes
NAVYHM All-Star Author Cleveland Posts:761 Points:1,386,455 Joined:May 2008	Message Posted: Feb 13, 2013 11:59:36 PM Ignore NAVYHM Report Abuse OK...
JamesCalvin Champion Author Lancaster Posts:3,191 Points:520,530 Joined:Nov 2011	Message Posted: Feb 13, 2013 11:58:29 PM Ignore JamesCalvin Report Abuse Yes
agr964 All-Star Author Fresno Posts:620 Points:71,325 Joined:Aug 2008	Message Posted: Feb 13, 2013 11:53:36 PM Ignore agr964 Report Abuse Easy to make inventories drop: Ship more overseas. DUMB.
medic319 All-Star Author Akron Posts:733 Points:247,235 Joined:Mar 2012	Message Posted: Feb 13, 2013 11:49:52 PM Ignore medic319 Report Abuse Earlier in the week the report said oil prices were falling. That didn't last.
hawkman1950 Champion Author Michigan Posts:2,630 Points:541,530 Joined:Aug 2010	Message Posted: Feb 13, 2013 11:49:05 PM Ignore hawkman1950 Report Abuse More focking gas and diesel than we know what to do with and the prices go higher.
GasCzarCO Champion Author Colorado Springs Posts:1,407 Points:801,030 Joined:Mar 2010	Message Posted: Feb 13, 2013 11:46:35 PM Ignore GasCzarCO Report Abuse Don't blame Obama this is Wall Street driven.
alterman156 Champion Author New York Posts:7,490 Points:1,558,500 Joined:Dec 2008	Message Posted: Feb 13, 2013 8:14:15 PM Ignore alterman156 Report Abuse Gasoline is too high.
Jeff4U Champion Author Atlanta Posts:8,762 Points:1,854,095 Joined:Nov 2004	Message Posted: Feb 13, 2013 10:21:25 AM Ignore Jeff4U Report Abuse “Declining inventory levels in the U.S.” are supporting prices, said Carsten Fritsch". And apparently, climbing inventory never lowers crude prices. Don't believe a word of this API report. Wait till 10:30am to see the EIA report.
humblepie Champion Author Toledo Posts:34,271 Points:2,372,345 Joined:Mar 2006	Message Posted: Feb 13, 2013 9:18:50 AM Ignore humblepie Report Abuse we are awash in oil and gasoline this is simple obamanomics in action
mainenightowl All-Star Author Maine Posts:876 Points:308,035 Joined:May 2012	Message Posted: Feb 13, 2013 9:18:01 AM Ignore mainenightowl Report Abuse "Speculation" must be Big Oil's latest excuse to gouge us at the pump!
Sanpoil All-Star Author Spokane Posts:535 Points:128,195 Joined:Jun 2012	Message Posted: Feb 13, 2013 9:04:40 AM Ignore Sanpoil Report Abuse More speculation.
Evilmaddog Champion Author British Columbia Posts:3,327 Points:958,525 Joined:Aug 2010	Message Posted: Feb 13, 2013 9:04:07 AM Ignore Evilmaddog Report Abuse inventory drop because of exports
turboz2012 All-Star Author Charleston Posts:687 Points:375,570 Joined:Feb 2012	Message Posted: Feb 13, 2013 8:56:05 AM Ignore turboz2012 Report Abuse Inventory is still at record highs
Tekkersmom57 Champion Author Syracuse Posts:1,884 Points:702,165 Joined:May 2010	Message Posted: Feb 13, 2013 8:54:53 AM Ignore Tekkersmom57 Report Abuse "Crude inventories fell 2.3 million barrels last week, the first drop in six weeks"....the first DROP in six weeks.....yet gas price have been consistently climbing at a record pace the past six weeks WHILE supplies were increasing! "Declining inventory levels in the U.S.” are supporting prices"...I say bull to that. If that were truly the case than the increases in the previous five weeks SHOULD be lowering prices....didn't happen!!!!
mastermariner Champion Author Texas Posts:4,249 Points:494,800 Joined:Jun 2011	Message Posted: Feb 13, 2013 8:51:01 AM Ignore mastermariner Report Abuse Not surprised
amoshins Champion Author Trenton Posts:2,200 Points:642,620 Joined:Apr 2011	Message Posted: Feb 13, 2013 8:33:51 AM Ignore amoshins Report Abuse The State of the Union did not dramatically affect prices today?? Surprising :)