Crude Prices Sag

- October 27th, 2010

Seekingalpha.com reports that oil fell below $82 a barrel owing the reports suggesting bigger-than-expected gain in US crude inventories.

Seekingalpha.com reports that oil fell below $82 a barrel owing the reports suggesting bigger-than-expected gain in US crude inventories.

The editorial is quoted as saying:

By the time the US Energy Department released its definitive supply report, however, prices had plummeted below $81, before finding firmer footing. Crude oil stocks piled up by 6.4 million barrels, according to an American Petroleum Institute report released late Tuesday. Analysts had forecast a gain between 600,000 and 1.5 million barrels. The actual tally, according to government figures, was a 5.0-million-barrel build.

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