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Little Draw in Crude Oil Inventories Fails to Offset Iraq Concerns


The U.S. Energy Information Administration reports on Wednesday that crude inventories draw by 600,000 barrels, but the news fails to outweigh concerns about escalating violence in Iraq. BRG Brokerage president Jeffrey Grossman tells TheStreet's Joe Deaux at the New York Mercantile Exchange that the market may not be focusing enough on inventory levels, but says that few traders want to be caught selling short with unrest growing in Iraq. Grossman says that it is tough to buy and sell oil contracts on headlines, but adds that the expected volatility opens up an opportunity to grab some profits.