Oil price news: Oil erases losses as stockpile decline signals tighter market [BNN Bloomberg (Canada)]
BOK Financial Corporation (BOKF)
Last bok financial corporation earnings: 4/22 07:55 am
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Source: BNN Bloomberg
West Texas Intermediate traded above US$78 a barrel as crude oil inventories fell by 1.36 million barrels, according to the Energy Information Administration. The pop shows that traders are taking the news as the first bullish indicator among a sea of bearish technicals. Oil has been on a downtrend since early April, posting losses in three of the past four weeks, with weakness not just in timespreads but in processing margins too. That decline has come as much of the geopolitical premium from tensions in the Middle East has unwound, bringing traders' focus back to a cooling market. An American Petroleum Institute estimate on Tuesday had predicted US stockpile gains, according to people familiar with the matter. “The EIA's more reliable crude oil storage numbers countered the API's steep build, which is tripping some shorts into covering positions that were sold in late yesterday's and this mornings trade,” said Dennis Kissler, senior vice president for trading at BOK Financial
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