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Political uncertainty in the Middle East this year has buoyed oil prices, despite adequate crude supplies. But now traders at the NYMEX are pushing the “Sell” button.
The reason? Weekly inventory data showed that U.S. crude supplies saw their biggest four-week rise since February 2008, thanks to a build up on the West Coast. That rise is offsetting dwindling supplies in other parts of the oil industry.
This information comes on the heels of a “constructive” meeting between Iranian and Western officials earlier this week.
Gasoline inventories dropped for the ninth straight week and distillate supplies, like home heating oil, were near a three-and-a-half year low. And March’s retail sales report showed that U.S. consumers’ demand for gasoline has held steady despite a surge in price.
Still, many traders have turned less bullish on oil prices.