As better than expected US Manufacturing data pushed American markets higher, crude oil has gained impetus from the equity and forex markets to rise above $72 that it has reached in yesterday’s trade. When it is combined with the continually weak dollar, the Crude Oil price was floating, shrugging off mixed inventory data from the US Energy Department.

Fall in headline crude inventories

There has been a fall in headline crude inventories, however there is a continuous increase in gasoline and distillate stockpiles. Right now American distillate stockpiles are the highest they have been since 1983. The oil market is having increased focus on the supply side fundamentals, despite of all the facts, it is still believed by some analysts that there is potential for more upside in oil should the equity markets continue to extend the summers gains.

This morning has witnessed that yesterday’s range has been maintained by Crude, with the December West Texas Intermediary (WTI) October contract holding the $72.50 level.

New York Oil equities are relatively unchanged

As investors evaluate the uncertain market conditions, in New York Oil equities are relatively unchanged.  When opened Dow Jones constituent Exxon Mobil was lower and it continued to trade below Wednesday’s close, falling 30c to trade at $70.02, earlier this morning Chevron  was positive , however, currently trading fractionally lower at $72.30.

NYSE listed Murphy Oil Corp has relatively shown no change, falling a third of a percent dropping 19c, Canadian based multinational operator EnCana has shown a drop of almost 1%, losing $50c in New York.

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