Oil Rebounds as API Shows Unexpectedly High Stock Draw
SylviaHunt30Oil prices rebounded in late NY session as the fall these few days attracted bargain hunting. The front-month contract for WTI crude oil initially plunged to a 2-week low of 97.74 but then rebounded to 99.09 at close. The contract is up another +0.4% at 99.50 in after-hours electronic trading as the industry-sponsored API estimated a surprisingly large decline in crude stockpile last week.
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Oil Rebounds as API Shows Unexpectedly High Stock Draw
