21 Feb 2014
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Oil Prices Climb to New 4-month High
posted by Unknown @ 17:25 0 Comments
Oil prices moved up
again, this time a 4-month high on speculation that inventories in Cushing,
Oklahoma have dropped for a third week.
Futures moved up by 0.9 percent.
Cushing is the delivery point for WTI. “WTI is showing strength because tomorrow’s report is expected to show that Cushing oil supplies and national product stocks are down,” said Michael Lynch, president of Strategic Energy & Economic Research. “Cushing is being drained by a new pipeline, while product supplies are falling because of high demand.”
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