Wednesday, October 10, 2012

U.S. Oil Stockpiles Rise for Second Straight Month

For the second month in a row U.S. oil wholesalers boosted their stockpiles, pushing the benchmark price of oil up past the $93 mark in morning trading.
According to the Commerce Department, oil wholesalers in the United States raised their inventory by 0.5 percent in August, following a 0.6 percent jump in July.  Also significant is the sales of oil wholesalers climbed by the largest margin since February 2012.
The reason for the rise in oil prices in response to the data is usually it signals wholesales believe oil sales will rise in the near term.
Gasoline for the national average in the United States remains at $3.81 a gallon.

No comments: