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.
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