Commodity News – Crude oil inventories fall, oil prices rise

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The Energy Information Administration (EIA) released crude oil inventories today. The data shows that U.S. stockpiles of crude fell more than expected on hopes of progress in debt talks on either side of the Atlantic.

EIA data shows the change in the number of barrels of crude oil held in inventory by commercial firms during the past week. Weekly crude oil inventories fell by 3.73 million barrels to 351.73 million barrels compared with analyst forecasts for a 1.7 million draw.

Crude oil rose over a Dollar following the data, spiking from $97.74 to $98.53.

Also helping lift oil prices were hopes that debt problems on both sides of the Atlantic could be resolved.

A group of Democratic and Republican senators offered an ambitious plan on Tuesday that could revive stalled U.S. debt talks and the prospect of a long-term deficit reduction deal to avert a default by the United States.