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Oil Up Over $71/ Barrel

We suspected this would happen. A lot of that oil “stockpiled” has been used.

EIA said crude storage fell by 8.4 million barrels last week. Gas in storage down as well.

But Tom Kloza is not so worried.

The amount of jet fuel, gasoline, diesel and crude in storage is still huge, said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.

“It would take several reports like this to convince me” that demand has returned, Kloza said.

Hurricane Bill is staying out of trouble so far. What’s not to like?

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