Monday, August 01, 2005

Crude is on the move again

Today, the following news came from AAP -

Oil prices have risen above $US61 a barrel in Asian trade.

At the close of trading in New York overnight, light sweet crude for September delivery was $US60.99 a barrel, 42 cents higher than at Friday's close.

A loss of production because of a fire at a refinery in Texas last week has come at a time when demand is at its seasonal peak.

The US Department of Energy says petrol stocks dropped 2.1 million barrels in the week ending July 22, much more than the 700,000-barrel fall expected by the market.

This tells us that Crude may get to our criteria soon - stay tuned.

Murray

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