The oil markets certainly have a short memory. On the day the US government auctioned crude from the Strategic Petroleum Reserve (SPR), prices rose for a second straight session on news of a sharp drop in US crude inventories and growing confidence that Greece will overcome its debt woes. Traders appear to be looking past the release of strategic stockpiles from the International Energy Agency (IEA) that was announced last week and initially caused crude futures in New York and London to tumble (IOD Jun.27'11).
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