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NYMEX Market Comment – oil price climbs

The price of oil climbed in London on worries that supply might be less plentiful than previously thought. 

Yesterday’s inventory report from the US Department of Energy signalled tighter-than-expected supply levels, with inventories down by 3.7 million barrels, far more than the average forecast of 500,000 barrels. However, the recent run higher in crude prices, around $8 for the week, has resulted in a degree of profit taking, so it would be unwise to attribute the price drop solely to the inventory data. 

Commodities have been boosted in recent days by a weaker dollar, that has dropped as a result of continued hopes of additional stimulus in the US, while a stronger non-farm payrolls report last week was able to give general risk appetite a fillip. However, this positive atmosphere may not last throughout August, with the possibility that a renewed crisis in the eurozone will prompt a rush to safe havens, including the US dollar, which will cause commodity prices to drop.
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NYMEX Market Comment – oil price climbs

The price of oil climbed in London on worries that supply might be less plentiful than previously thought

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