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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.

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Oil down sharply following bearish inventory report originally appeared on BloggingStocks on Wed, 07 Jan 2009 15:00:00 EST. Please see our terms for use of feeds.

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