Crude oil Inventory News Today | crude inventory and price reactions-----> 1/7/2015
Crude oil gained in the Asian session as traders bought up the cheap commodity, which plunged to 58.30 on Tuesday. In the morning US oil prices moved to trade at 58.76 while the US dollar gained on Tuesday weighing on the price but traded flat on Wednesday morning. On the whole traders were ignoring commodities as the central focus was on Greece. Brent oil diverged from WTI to fall 48 cents to 63.02.
Yesterday Analysts attributed the oil price drop in part to a growing likelihood Greece will default on its loans and be unable to make a loan payment to the International Monetary Fund due June 30, adding to concerns that the country might have to abandon the euro.
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