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don't fall in love with the downside!
Dec. 20, 2011, 2:43 p.m. EST
Oil futures close over 3% higher
http://www.marketwatch.com/story/oil-adds-to-gains-on-weak-dollar-strong-data-2011-12-20Wednesday, the Energy Information Administration reported a drop of 10.6 million barrels in crude supplies for the week ended Dec. 16.
Motor gasoline supplies also fell, off 400,000 barrels on the week, while distillate stocks declined by 2.4 barrels, the EIA report said.
Analysts polled by Platts had expected crude-oil stocks would fall by 2.25 million barrels. They also forecast an increase of 1.75 million barrels in gasoline supplies and a decline of 600,000 barrels for distillates.
Russian Arctic Oil Rig sinks, 50 dead.
MOSCOW (AP) -- The sinking of a floating oil rig that left more than 50 crew dead or missing is intensifying fears that Russian companies searching for oil in remote areas are unprepared for emergencies — and could cause a disastrous spill in the pristine waters of the Arctic.
Only four months ago, Russian energy giant Gazprom sent Russia's first oil platform to the environmentally sensitive region, and industry experts and environmentalists warned it is unfit for the harsh conditions and is too far from rescue crews to be reached quickly in case of an accident. They are demanding Russia put Arctic oil projects on hold.