Crude Falls $4 On Global Recession Fears
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Crude continued lower today, falling $4,or 5%, to $68 per barrel on NYMEX on more fears of a global recession.
Data from the US Department of Energy, showing more inventories builds, confirmed the fears. EIA data showed that crude inventories rose 3.18 million barrels, versus the consensus of a 2.65 million barrel build; gasoline inventories rose 2.71 million barrels, versus the consensus of a 1.7 million barrel build; probably the most surprising, distillate inventories rose 2.156 million barrels, versus the consensus of a 300K build.
Data from the US Department of Energy, showing more inventories builds, confirmed the fears. EIA data showed that crude inventories rose 3.18 million barrels, versus the consensus of a 2.65 million barrel build; gasoline inventories rose 2.71 million barrels, versus the consensus of a 1.7 million barrel build; probably the most surprising, distillate inventories rose 2.156 million barrels, versus the consensus of a 300K build.
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