Light Sweet Crude Makes Nice Sweet Drop

Light sweet crude dropped briefly below the $48 mark to 47.95 before heading back up $48.20 this morning. Brent North Sea crude is up 12 cents in London to $48.40 a barrel and gasoline futures down slightly at just over a penny a gallon.

Supply and demand may finally be bellying up to the bar as OPEC has the pumps wide open, producing their highest levels of oil in 25 years. The U.S. Dept. of Energy in its weekly report on Wednesday aid U.S. inventories to continue to grow, going up 2.7 million barrels to 329.7 million barrels while speculation was that oil producers would have real problems meeting demands for the rest of the year. The IEA reports showed otherwise.
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