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Oil Rose In New York After EIA Report

ByICN.com
Published 10/02/2013, 04:18 AM
Updated 07/09/2023, 06:31 AM

The black gold saw its prices climbing today in New York as TransCanada said it expects to finish construction and is to begin commissioning the southern portion of Keystone expansion by end of October. After that the EIA report showed that the U.S commercial crude oil inventories rose by 5.5million barrels to watch crude trade currently around $103.42 a barrel, recording a high of $103.45 per barrel, and a low of $101.42 per barrel.

In fact this week’s EIA report showed that the U.S commercial crude oil inventories rose by 5.5million barrels from the previous week, while that motor gasoline inventories increased by 3.5 million barrels last week.

While that finished gasoline and gasoline blending component inventories both increased and distillate fuel inventories decreased by 1.7 million barrels last week and remain near the lowest limit of the average range for this time of the year.

However, on the other hand mounting concerns remain sensed within overall markets as U.S. federal budget impasse remains, causing an actual shutdown to government services for a second day.

The first day has passed without reaching any resolution between Democrats and Republicans, to add to worries the ongoing political conflict would affect on economic recovery as it shaves around $300 million a day.

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