what caused yesterdays bearish move?>
Oil prices gave up earlier gains to trade lower just after noon on Thursday, while the severe winter storms continued to move east, leaving at least 20 people dead and millions without electricity from Texas to New England. Meanwhile, winter storms from Texas to New England have left at least 20 people dead, with millions left without electricity at some point since the start of the week. Earlier yesterdays session , oil prices jumped higher after the Energy Information Administration reported crude oil inventories in the United States had shed 7.3 million barrels in the week to February 12.This compared with an inventory draw of 5.5 million barrels for the previous week, as estimated by the EIA.
Oil prices gave up earlier gains to trade lower just after noon on Thursday, while the severe winter storms continued to move east, leaving at least 20 people dead and millions without electricity from Texas to New England. Meanwhile, winter storms from Texas to New England have left at least 20 people dead, with millions left without electricity at some point since the start of the week. Earlier yesterdays session , oil prices jumped higher after the Energy Information Administration reported crude oil inventories in the United States had shed 7.3 million barrels in the week to February 12.This compared with an inventory draw of 5.5 million barrels for the previous week, as estimated by the EIA.
