Oil Falls Below $65 on U.S. Stock-build
Contrarian Profits (July 22nd, 2009) Writes:
Oil fell below $65 a barrel on Wednesday, curbing a week of gains after data showing an unexpected rise in U.S. crude stocks suggested demand in the world’s top energy consumer was still weak.
The market awaited U.S. Energy Information Administration (EIA) data due at 1430 GMT to see if they would confirm the trend from Tuesday’s American Petroleum Institute (API) figures.
U.S. crude oil for September delivery was down 90 cents at $64.71 a barrel by 1407 GMT, having fallen to a low of $63.76. London Brent crude for September lost 50 cents to $66.37.
The fall followed five days of rises that had pushed U.S. crude oil futures up more than 10 percent in just a week.
“The market has exhausted itself and needs to pause,” VTB Capital analyst Andrey Kryuchenkov said in a research note. “Today, all attention will be on the weekly U.S. fuel inventories.”
U.S. crude oil stockpiles rose unexpectedly
...American Petroleum Institute, Analyst, Andrey Kryuchenkov, API, apparent oil demand, Bank, broker, cent;, China, contrarian profits, crude oil, Crude Oil Futures, crude oil stockpiles;, crude-oil inventories, energy consumer, Energy User, implied oil demand, London, Market Commentary, Morgan Stanley, Oil, Oil Inventories, Organisation for Economic Cooperation and Development, Reuters, Robert Montefusco, Sucden Financial;, The Macro Trader, U.S. Energy Information Administration, United States, USD, VTB Capital;


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Deflationary forces are pushing the price of gold lower. However, beyond the short-term price for paper gold, some of the news is surprisingly bullish. I'm putting out an update to my recent gold report today, with some very interesting news on supply and demand. The director of the World Gold Council was on CNBC yesterday talking about it. You can see that video here: 
