Crude oil futures closed at $80.40 in New York today, pushed higher by today’s inventory report showing that US crude oil stockpiles fell 3.94 million barrels since last week. Nouriel Roubini – the man credited with predicting the economic crisis – suggested that the recent run up in oil prices has been driven by speculation and not fundamentals, but Tome Bentz, a senior energy analyst at BNP Paribas Commodity Futures Inc. in New York noted the role of the weak US dollar:
Ã¢â‚¬Å“The inventory report today was definitely supportive,Ã¢â‚¬Â said Bentz. Ã¢â‚¬Å“Prices were already up because of the weak dollar and rising stocks. These numbers just added to the upward momentum.Ã¢â‚¬Â
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