Crude Falls After Inventory Data

Crude-oil futures dropped after the government reported an unexpectedly large increase in U.S. oil inventories, though the decline in prices had more to do with a drop in U.S. equities that began around the data release.

Light, sweet crude for May delivery traded 80 cents, or 0.9%, lower at $86.04 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 47 cents, or 0.6%, lower at $85.68 a barrel.

The U.S. Energy Information Administration reported a 2-million-barrel increase in oil inventories for the week ended April 2, above the 1.3-million-barrel addition anticipated by analysts in a Dow Jones survey. But gasoline inventories dropped by 2.5-million barrels, more than double their forecast of a 1-million-barrel draw. Distillate stocks, including heating oil and diesel, rose 1.1 million barrels, compared with expectations for a 1.3-million-barrel decline.

Read Full Article from Wall Street Journal

- Posted: 2010-04-07 10:40:27

More Stock Investor Place Top Stories

Anglo platinum arm sheds 14,000 jobs, risking unrest Apple falls below $500 US retail sales rose 0.5 percent in December, led by autos, furniture and clothing sales Recovery in U.S. Saving 8 Million Underwater Homeowners Facebook shares rise in buildup to mystery event, earnings

Stock Investor Place Top Stories Archive

January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008