After touching a longtime low, crude settles up 8 cents

Reuters ^ | January 29, 2015 | Staff

[C19fan]

U.S. crude turned positive on Thursday afternoon after earlier falling below $44 a barrel for the first time since April 2009, while benchmark Brent sharply pared early gains after data showing additions to already record-high U.S. oil inventories.

Oil prices had risen broadly earlier in the session after preliminary U.S. weekly jobless claims data hit a nearly 15-year low, indicating further strength in the world's largest economy.

But crude futures in New York were near a six-year low by midmorning after a report from oil services firm Genscape, which showed fresh builds of 1.6 million barrels at the Cushing, Oklahoma delivery point for U.S. crude in the period of Jan. 23 through Jan. 27, according to a market source.

[C19fan]

I wonder if we hit a bottom because I have been hearing stories about investors and the like buying up crude oil and storing in tankers or in onshore facilities. Would be nice time to fill up the National Petro Reserve.

[thackney]

Strategic Petroleum Reserve is 95% full.

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCSSTUS1&f=M

[stephenjohnbanker]

8 cents....lol.

[Chad_the_Impaler]

Oil still has a long way to go to break the all time record: 3 cents a barrel.

[stephenjohnbanker]

THAT may take a while....