OGJ Newsletter

Click here to enlarge imageOil prices are at their highest level in 2 years, breathing new life into an industry still recovering from an extended downturn.In New York trading on Aug. 12, the price of Nymex crude for September delivery opened at $21.25/bbl and had risen to $21.52 by mid-morning. In London trading the previous day, September-delivery Brent closed at $20.63/bbl, up 14¢ on the day. Prices in the U.S. were buoyed by a 3.16 million bbl drop in U.S. oil inventories the week of Aug. 6, according to API statistics. This brought oil stocks down to 323.1 million bbl (see Scoreboard, next page).This 1.0% decline in crude inventories was surpassed by a 1.7%, or 3.5 million bbl...

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