Rochester, NY 8/20/2009 9:35:27 PM
BP plc BP - BP Reports Crude Inventory fell
BP plc BP
Crude futures were surging in the weekly Energy Department report said oil inventories fell by a whopping 8.4 million barrels for the week. Bringing total inventories to 343.6 million barrels and surprising most analysts and oil watchers along the way.
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The report still noted, for instance, that inventory totals remain more than 15% higher than last year's levels at this time. Light, sweet crude for delivery in September raced up $2.52 to trade at $71.71 a barrel on the New York Mercantile Exchange. The contract settled at $69.19 after putting on $2.44. Gasoline inventories fell by 2.1 million barrels and distillate fuel stocks down by 700,000 barrels.
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