Is demand for oil recovering?
Crude inventories in the U.S. are still building, but less than expected and a lot less than in recent weeks. The latest government data showed a mere 600,000 barrel increase in U.S. oil inventories, compared with analyst expectations of a 2.5 million barrel increase. Gasoline stocks also fell slightly last week.
That was enough to send crude oil futures jumping more than 4% to above $56, the highest level in six months. That may be a far cry from the $150 oil of last summer. But it also means oil has quietly risen 70% since bottoming out just before Christmas—in the face of unrelenting bad news on the economy and with few red flags to excite oil bulls....MORE
And today's "George Soros Hearts Oil and Gas (COP; HES; PBR; PXP)"