API and federal inventories showed a consecutive third week increase in the stock piles of crude oil caused oil to close a bit down at the end of regular trading hours Wednesday.
Distillates and fuel product also crept slightly higher in stockpiles. As long as we see no surprises from OPEC or global events, and seasonal climate change, we may get a temporary reprieve at least of oil can see $60 a barrel. At least until the beginning of “driving season” which is usually considered the weekend of Memeorial Day.
Time will tell!!
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