Crude Tanks Despite Promise of Large OPEC Cuts
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Despite promises from OPEC of a large cut in supply, crude was under pressure again today. Oil futures fell below $40 per barrel for the first time in four years even after OPEC said it will cut production by 2.46 million barrels per day to the 24.845 million barrel per day level.
Crude for January delivery closed down 7.9% to $40.15 per barrel today on NYMEX, after falling to as low as $39.88 earlier in the session.
Data today from the US Department of Energy showed that crude oil inventories rose 525,000 barrels, versus the consensus of a 600,000 build. Gasoline inventories rose 1.29 million barrels and Distillate inventories rose 2.94 million barrels.
As the demand picture weakens, some see crude falling to $25 per barrel. Crude has been in absolute free-fall since this year's July record high of $147.27.
Related ETFs: iPath S&P GSCI Crude Oil Tot Ret Idx ETN (NYSE: OIL), Oil Services HOLDRs (NYSE: OIH), PowerShares DB Crude Oil Short ETN (NYSE: SZO), Ultra DJ-AIG Crude Oil ProShares (NYSE: UCO), UltraShort DJ-AIG Crude Oil ProShares (NYSE: SCO).
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