Oil Inventories Push Prices Down

After Tuesday’s rally from optimism on a potential resolution to the Eurozone’s problems, Wednesday’s oil futures (NYSE:USO) received bearish news and the market dropped.

From the government’s weekly crude inventories showing a supply increase, crude futures for November delivery dropped $2.13 to $82.25 a barrel.

Reports also showed an increases in oil (NYSE:OIL) inventories, gasoline supplies and distillates. October gasoline futures (NYSE:UGA) responded with a 3 cent decline to $2.67 a gallon and October heating oil futures dropped 3 cents to $2.85 a gallon.

Investing Insights: Oil ETFs: The Top 10 Exchange Traded Funds for Your Oil Investing List.