Oil hits new high
13/07/2006 - 10:08:18Oil hit a new high today, trading up towards the $76 level. Brent currently sits at $75.50 (previous high $75.03).
The US data revealed a further reduction in crude oil stocks in the US by a multiple of five times the Reuters consensus. In all, imports fell by nearly 1mbd.
Similarly, gasoline stocks fell 400,000 barrels, four times more than expected. These stock draws served to underline the IEA report pointing to a trend of increasing global demand.
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