Crude Oil on Five-Day Losing Streak
WTI crude oil fell for a fifth straight day today, closing down -1% at $97.01. The price of crude futures fell as low as $95.52 at one point during the day. Tomorrow could be another down day, as a survey…
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Tomorrow could be another down day, as a survey of analysts by Dow Jones Newswires expects the US Energy Information Administration (EIA) to report a build of 2 million barrels in US stocks. The American Petroleum Institute reported an inventory build of 7.8 million barrels in crude, a drop of nearly 5 million barrels in gasoline, and a drop of 2.7 million barrels in distillates during the week ending May 4th..
Concern about growth in Europe and weaker non-farm payroll numbers from the US are pointing to a further slowdown in demand for crude.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
