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Home >> Stock Forums >> The US Oil surplus keeps oil under $88 per barrel

The US Oil surplus keeps oil under $88 per barrel

lil dickie said: "The thought of $100 per barrel oil has been stalled because of the [url=http://www.theaustralian.news.com.au/story/0,25197,22903972-643,00.html]reserve the US holds on hand[/url] [quote] Data from the US Department of Energy due tomorrow is expected to show that inventories of US crude have built by 100,000 barrels, the average figure derived in a survey of analysts by Dow Jones Newswires. Gasoline stockpiles are expected to grow by 1.3 million barrels, and distillates, which include heating oil and diesel, may grow by 500,000 barrels. Refinery use is expected to grow by 0.1 percentage point to 89.5 per cent of capacity. The price rose earlier as the US dollar weakened ahead of today’s US Federal Reserve meeting. At the same time, crude oil imports were held up by fog in the Houston ship channel, which led to a huge drawdown in US stockpiles in the week ended November 30.[/quote] The Fed rate is what could change this situation."