Crude Oil Moves Under $69 as Inventory Data Looks Bearish
Crude oil prices have fallen following the release of the EIA's weekly inventory reading. The data showed a draw of 3.87 million barrels for crude, a bullish signal, but a build of 3.7 million and 2.08 million barrels for gasoline and distillate, respectively.
As Nymex crude has now dropped about 70 cents to around $68.55 per barrel, oil traders are weighting the bearish gasoline and distillate numbers more heavily than the rising crude inventory number.
Today's move lower extends a recent downtrend which began on June 11. Since then, crude oil prices have fallen by more than 7%.
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