Talking about Oil Hits 2-Year High After Supplies Drop More Than Forecast – Bloomberg

 

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Oil Hits 2-Year High After Supplies Drop More Than Forecast – Bloomberg

Crude oil rose to the highest level in more than two years after government reports showed that U.S. supplies dropped and the country’s economy grew more than previously estimated in the third quarter.  Stockpiles fell 5.33 million barrels to 340.7 million, the lowest level since February, the Energy Department said. A 3.4 million-barrel decline was forecast, according to the median of 14 responses in a Bloomberg News survey. The Commerce Department said gross domestic product expanded 2.6 percent in the third quarter, up from a previous estimate of 2.5 percent. “Today’s crude numbers were very bullish,” . “The GDP numbers point to extended growth in the U.S. Previously, we were seeing economic and demand growth in China and emerging markets, now it’s spreading here.”

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