Crude Oil Climbs Above $70
The Energy Department’s
inventory report was the only data
released in the US on Wednesday. The EIA reported Oil and Gas inventories rose
in the most recent week (report).
The news came as a surprise to most and led to a rally in oil prices, that
closed above $70 (analysis).
Treasuries closed flat, trading in a very narrow range all day.
The US Dollar Index declined, weighed down by the Dollar’s performance versus
the Euro and CAD.
Gold and Silver futures closed higher for the second straight day.
Sugar +3.48%, Orange Juice +3.03% and Lumber +2.22% led the softs higher.
All the grains closed higher, with Wheat +1.36% and Corn +1.31% leading the
EIA: Gasoline Inventories Up 300,000 Barrels
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