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Crude Demand Increasing Each Day As Stock Market Gains Drive Price Per Barrel.
After the high close of $77.58 Tuesday, oil prices continued with bullish momentum on Wednesday continued to drive crude to the $78 mark, as gains in stock markets globally help to push demand.
Paul Bernstein, a commodities specialist for Warwick Ventures said at a meeting late Wednesday evening that “the crude markets always seem to remain in volatile states, during the July through September months hurricane disruptions threaten the already uneasy U.S. markets causing ripple effects throughout the global economies.”
The American Petroleum Institute late Tuesday said crude inventories fell 241,000 barrels last week. The Energy Department's report on weekly supply data later Wednesday was also expected to show an inventory decline.
Oil traders are studying stock markets, and especially corporate earnings, as a sign of overall investor sentiment. When stock markets rise, oil often does too.
Investors have been keen to the events of financial markets, specifically the U.S. equity markets as macro data suggests oil market outcome in short term circumstances. Traders also have been listening and paying close attention to U.S. Federal Reserve chairman Ben Bernanke, as his testimony about economic outlook sent waves of concern worldwide.
“The effect the U.S. has on the global economy is very evident in current times, as the U.S. slipped into a recession so did world economies, so when the U.S. makes announcements on forecasts, worldwide investors listen carefully thus creating ups and downs worldwide” Said Bernstein.
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