(MENAFN) As the government declared that domestic crude production was edging higher, so that, oil prices went down on Wednesday even though U.S. crude stockpiles refused by the most in a year.
Gene McGillian said, director of market research at Tradition Energy, "I would describe this as a bullish report and probably the effect would be we're going to keep ourselves pinned here waiting for the next signal."
"The peak of summer driving season has now passed, and demand for crude should wane also as refinery runs drop, Gasoline demand will ebb as summer road trips are mostly over and children head back to school."
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