At present trading, US crude oil price landed on $111 a barrel. In an instant, oil price has upswinged high after the US government released a reports of declining oil supplies. What's next? A $200 a barrel crude oil?
"The surprise draw on crude was due to the big drop in imports. If that is due to the fog in the Houston Ship Channel, then next week we may see an increase," said Mark Waggoner, president of Excel Futures in Huntington Beach, California.
"The surprise draw on crude was due to the big drop in imports. If that is due to the fog in the Houston Ship Channel, then next week we may see an increase," said Mark Waggoner, president of Excel Futures in Huntington Beach, California.
Commercial gasoline supplies, meanwhile, fell 3.4 million barrels to 221.3 million barr
els.
Still, that left them more than 10 percent over year-ago levels, according to the data.
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