WWW - Posts tagged 40 oil at BloggingStocks

40 oil posts

Oil down sharply following bearish inventory report

Posted Jan 7th 2009 3:00PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, International Markets, Forecasts, Russia, Middle East, Oil, Eastern Europe, Recession, Financial Crisis

Oil prices have dropped sharply today as traders focus on increased demand concerns following this week's oil inventory report.

Going into today's inventory report, analysts were expecting to see an increase in oil reserves of around 1.5 million barrels. However, the market was shocked to see that the actual increase last week was well above that figure, as the Energy Information Agency announced that inventories grew by 6.7 million barrels.

The result? Oil prices have dropped over 9% in today's market, falling $4.54, down to $44.04.

Continue reading Oil down sharply following bearish inventory report