WTI Crude Prices Slip into Bear-Market Territory (OIL) (USO)
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U.S. emergency oil reserve tempts Congress at the wrong time
July 22, 2015 2:10 PM EDTBy Timothy Gardner
WASHINGTON (Reuters) - U.S. lawmakers on both sides of the aisle figured this month they had hit on a clever way to fund everything from new drug programs to highway maintenance: sell off part of America's strategic oil reserves, a supply cushion that no longer needs to be so large.
The notion, embedded in a House of Representatives bill that passed earlier in July and in a Senate transportation bill proposed on Tuesday, has met with criticism from energy experts and economists, many calling it the right idea, but the wrong time.
A... More
UPDATE: Crude Inventory 2.47M Barrels vs -1.45M Expected
July 22, 2015 10:30 AM EDT(Updated - July 22, 2015 10:33 AM EDT)
Crude inventory for the week ending July 17 increased 2.468 million barrels vs a decline of 1.45 million expected. API data yesterday showed a build of 2.3 million barrels.
Cushing inventory increased 813 thousand barrels vs an increase of 55 thousand expected.
Gasoline inventory declined 1.725 million... More
OPEC sees oil drop as short-term, expects stronger demand: delegates
July 22, 2015 7:36 AM EDTBy Alex Lawler and Rania El Gamal
LONDON/DUBAI (Reuters) - A drop in oil prices this month is likely to be short-term and will not deflect OPEC from its policy of keeping output high to defend market share, delegates from Gulf OPEC members and other nations said.
Falling Chinese stock markets and the Greek debt crisis have raised concern about demand, while the Iranian nuclear deal could lead to higher oil exports from the Islamic Republic. Benchmark Brent crude , trading below $57 a barrel on Wednesday, has fallen more than 10 percent in July.
OPEC, in a... More
API Crude Inventory Inceases 2.3M Barrels
July 21, 2015 4:42 PM EDTAPI Crude Inventory Inceases 2.3M Barrels
... More