Oil prices have traded as high as $99.29 earlier today and are looking as though they are ready to finally break through the $100 barrier.
Prices are being driven by supply concerns and expectations that the FED will be cutting interest rates again at its next meeting. Later this morning the US Energy Department is going to be releasing last week’s inventory numbers and we will get a better picture of the current supply constraints at that time.
Analysts are expecting to see an 800,000 barrel increase, when the report comes out we will update with all the actual results.
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