Oil Lower, Inventories Jump
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The crude oil EFT (NYSE: USO) and US crude oil futures were both trading lower again today ahead of the important government inventory numbers. The release of the numbers at 10:30AM ET, showing a larger build, created a downtick but it looks like much of the data was already anticipated.
Data from the energy department showed crude oil inventories rose 3.65 million barrels last week, versus the consensus of a 2 million barrel build. Distillate fell 3.25 million barrels, and Gasoline inventories fell 2.61 million barrels.
The oil market has been under pressure all week as increasing inventories and expectations of lower demand take a toll on prices. The price of US crude is now $95.62 per barrel, well under the physiologically important $100 price level.
Data from the energy department showed crude oil inventories rose 3.65 million barrels last week, versus the consensus of a 2 million barrel build. Distillate fell 3.25 million barrels, and Gasoline inventories fell 2.61 million barrels.
The oil market has been under pressure all week as increasing inventories and expectations of lower demand take a toll on prices. The price of US crude is now $95.62 per barrel, well under the physiologically important $100 price level.
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