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Oil Price Higher as US Stockpiles Shrink

June 5, 2013 at 18:23 by Vladimir Vyun

Crude oil rallied today as US stockpiles fell. Inventories of crude were down 6.3 million barrels to 391.3 million last week. Analysts have expected a decrease by just 0.8 million barrels.

Employment data also helped oil prices. By itself the report was bad. But it added to speculations that the Federal Reserve will refrain from reducing monetary stimulus. Such outlook is positive for commodities.

July future for delivery of crude oil rallied $0.8 (0.86 percent) to $94.11 per barrel as of 18:20 GMT on NYMEX today. Brent crude advanced $0.66 (0.64 percent) to $103.90 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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