Oil prices hit 1 year high

"I think the market has gotten ahead of itself, because inventories are still too high, and there's no shortage of crude."

"What's driving oil's rally is basically the weaker dollar and Wall Street, so if we get a collapse in the stock market, all bets could be off," said Tony Nunan, risk manager at Tokyo-based Mitsubishi.

SHOOT: There's no shortage of crude, apparently, this is all due to the dollar and Wall Street and what not. Why then does the same article go on to say this:

US crude stocks fell 172 000 barrels last week against expectations of a 700 000 barrel rise, according to data from the American Petroleum Institute (API) on Wednesday. The EIA is due to release its report at 17:00.

SHOOT: Getting the figures wrong by over 870 000 barrels is a huge miscalculation. You have to wonder whether it's intentional oversight.

clipped from www.fin24.com Singapore - Oil rose for the sixth straight session to near $76 a barrel on Thursday, touching its highest in a year after US industry data showed a surprise fall in crude stockpiles, suggesting that demand in the world's top oil consumer is recovering. Further evidence for economic recovery came from the Dow industrials piercing the 10 000 level for the first time in a year, while the dollar slumped to a fresh 14-month low against the euro as surprisingly robust corporate results cheered investors and whetted appetite for higher yielding currencies. US crude for November delivery rose 62 cents to $75.80 a barrel by 04:20, after surging as high as $75.90 earlier in electronic trading, its highest since October 2008. London Brent crude was unchanged at $73.10. Crude, up 1.8% on the year, is now in positive territory on a year-on-year basis for the first time since October 10, 2008. The six straight days of gains mark its longest winning streak since July.