Oil Trades above $72 Ahead of U.S Data

By IBTimes Staff Reporter | June 09 2010 4:35 AM

Crude oil rose on Tuesday as the EUR bounced higher, lifting oil ahead of inventory data expected to show U.S. crude stocks fell last week. U.S. crude inventories were expected to have fallen for the second straight week as import volumes declined, analysts said ahead of the weekly stocks reports. Crude gained as much as 30 cents, or 0.4%, to $71.74 a barrel. Oil climbed yesterday after Federal Reserve Chairman Ben Bernanke said that the improvement in the world's largest energy-consuming country is “moderate paced.”

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