Wednesday, October 21, 2009

Quick Notes for the Day - October 21

Crude Oil Rises on Supply Data - Oil futures rose after the Energy Information Administration reported a smaller-than-expected buildup in crude inventories as imports fell to the lowest level in two months. Crude inventories rose 1.3 million barrels. Imports fell to 8.7 million barrels a day which is the lowest level since August 14. The EIA also reported a decline of 2.3 million barrels in gasoline inventories and a decrease of 800,000 barrels in distillate stockpiles. After the data, crude for December delivery rose more than 0.5% to close to $80 per barrel.

Obama to Announce Small Business Aid Efforts - By Robert Schroeder - MarketWatch - "President Barack Obama on Wednesday will announce new efforts aimed at bolstering small businesses, including proposals to boost limits on government loans and to make it easier to access funds from the Troubled Asset Relief Program."

Bernanke: Don't Move Up New Credit Card Rules - By Ronald D. Orol - MarketWatch - "Federal Reserve Chairman Ben Bernanke contends that legislation to accelerate the effective date of credit card reform legislation would have a detrimental impact on small credit card issuers, according to excerpts from a letter to a key lawmaker released Wednesday."

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