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Crude Tops $83, as Supplies Come Into Focus

Wall Street Journal - Oct 18, 2010

The U.S. oil glut, one of the last checks standing in the way of higher crude prices, is in decline.

Oil and fuel inventories are at a two-month low after retreating from a 27-year high hit in September. The drop may be the final push needed for oil to make a decisive break out of the $70-to-$80-a-barrel trading range that has constrained the market for a year. Some forecasters had argued that a glut in the U.S., where inventory data are readily available, has for months overshadowed declining inventories where supply figures are more opaque.

The inventory moves give an air of permanence to the rally that was lacking the three other times prices topped $80 a barrel this year. Previously, high inventories doomed rallies built on investor interest in commodities spurred by other factors, like a weaker dollar. But as oil surged earlier this month, inventory reports showed supplies dropping world-wide. Economies like China and India are putting pressure on supplies, while demand is inching higher in the U.S. and Europe.

Read Full Article from Wall Street Journal

- Posted: 2010-10-18 21:42:56

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