Crude oil futures rose after a U.S. government report showed a bigger-than-forecast decline in inventories.
Supplies fell 5.84 million barrels to 293.9 million barrels in the week ended July 4, the department said today in a weekly report. Inventories were forecast to drop 2.1 million barrels, according to the median of analyst estimates in a Bloomberg News survey.
Crude oil for August delivery rose 84 cents, or 0.6 percent, to $136.88 a barrel at 10:37 a.m. on the New York Mercantile Exchange.
Oil traded at $136.91 a barrel before the release of the report at 10:35 a.m. in Washington.
I do not understand why experts are saying oil is a bubble when oil inventory is still falling in huge quantity.
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