WEEKLY ENERGY REVIEW: Crude Prices Surge on Wall Street Rally, Supply Cut
Energy and stocks both trying to rebound.
Bryce Knorr
Published: Mar 5, 2009
Energy prices were the bogeyman for much of last year, when rising fuel prices hurt the economy and farmers alike. Now, however, strength in crude oil is generally viewed more positively, as a sign the economy isn't completely falling apart.
Indeed, when stocks crashed on Monday, crude oil fared even worse, dropping some 10%. Both energy and stocks are trying to rebound, with crude helped by a bullish inventory report and a rally on Wall Street.
The government's weekly petroleum inventory report showed a drop of 700,000 barrels this morning. That ran counter to early trade guesses for a big build, but was in line with the forecast put out Tuesday afternoon by the American Petroleum Institute.
To read Bryce Knorr's complete weekly energy review, click HERE.
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