Thursday, December 25, 2008

Inaccurate reporting in Today?? (CORRECTED)

Updated: 27 Dec 2008: 3.1million barrels is for crude oil

Just read in Today that they mention that oil prices fell to USD35 even though there was a decline of US inventories by 3.1million barrels.

However, that is not what I read in Bloomberg and Reuters. According to Bloomberg, it fell because there was an increase of 3.34million barrels for US gasoline inventories. Distillate stockpiles also climbed 1.81million barrels. What decline are they talking about??

This year I've heard of at least 2 grossly inaccurate reports. One was by the Chinese newspaper with regards to the white tiger fiasco, and now this.

With such inaccurate reporting, can I still trust what the Singapore media says?

Update: The decrease of 3.1 million barrels of oil is for US crude oil inventories. However, the increase of US gasoline and distillate stockpiles more than offset the reduction because in the end, no one uses crude oil.

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