Oil On the March After Lackluster Inventory Levels Reported

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Have you become used to $80 a barrel oil? Get over it.

Today, on the back of less than bubbling inventory levels reported by the Department of Energy, the price of a barrel of light crude is off and running. Again.

Looks like we could have another all-time high mark recorded by the end of this week.

As of now, a barrel of crude is trading at about $83 and change.

The U.S. weekly oil inventory data showed crude stocks fell by 1.7 million barrels compared to the previous week, sharply undercutting analysts’ expectations of a rise of about 1 million barrels.

On the good news side, gasoline inventories increased by 1.7 million barrels, against expectations of a 300,000 barrel decline. Distillates, meanwhile, which includes jet fuel, came in line with predictions, falling 600,000 barrels for the period.

The news comes on the heels of a strike of oil workers in Nigeria, and news of the fifth fire in two months for BP in its North Slope fields of Alaska. The fire will cause production from Prudhoe Bay to be cut by at least 30,000 barrels a day for about two weeks. The Prudhoe Bay field is the largest in the U.S.

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