Oil Closed Higher after Volatile Trading

4 June 2010 4 June 2010

BonTrade

Crude oil had a volatile, yet unexpected, performance in NY session Thursday. Shortly after the inventory report was released, WTI crude oil futures surged almost $1 to 74.21. However, price quickly retreated and reached an intra-low of 72.32. We speculated the movement was due to rise in Cushing stock and weaker-than-expected US data.