Oil Prices Rebound Significantly After Inventory Data

Posted by Patrick O'Connor on 6/11/08 9:23 am

Oil prices shot up more than $6 per barrel after inventory data indicated that U.S. supplies fell by a whopping 4.56 million barrels for the week ending June 6.  Analysts were expecting a 1.5 million barrel decline.

“The drop came even as imports remained relatively unchanged and refinery demand for crude fell, indicating that the current pace of imports is simply too low to sustain a constant level of crude inventory,” said Chris Lafakis at Economy.com.

Additionally, data indicate that Chinese oil imports rocketed 25% last month.  China is stockpiling ahead of the Beijing Olympics.

Meanwhile, President Bush and German Chancellor Angela Merkel are threatening to apply additional sanctions against Iran if it does not stop enriching uranium.

How accurrate are the oil data?
Read post by Navellier Applied Research Analyst Tim Hope.

Read more blog posts on oil prices.

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