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When we took a look at the current oil picture this morning, we noted that analysts were expecting to see an 800,000 barrel increase in oil supplies last week. Well, that was not to be, and instead the US Energy Department just announced that inventories actually dropped by 1.1 million barrels.

With prices already trading near to the $100 mark, today's report could be just what the market needed to break through the psychological barrier. Before the report came out, prices had actually moved into the red on the day, but quickly rebounded back into positive territory, currently trading up 0.16% on the day to $98.20.

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Oil inventories show surprising declines last week originally appeared on BloggingStocks on Wed, 21 Nov 2007 13:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>$100 oil$100Oilinthenewsoiloil inventoriesOilInventoriesUS Energy DepartmentUsEnergyDepartmentWed, 21 Nov 2007 13:32:00 EST