Oil Declines After Inventories Fall, Gasoline Stockpiles Rise

Business Week reported crude oil futures maintained their losses as U.S. government data showed a drop in inventories and a gain in gasoline stockpiles.

The market news is quoted as saying:

Futures declined as much as 1.9 percent as the Commerce Department said sales were unchanged in August following a 0.3 percent gain in July. The European Central Bank said it will lend two banks dollars tomorrow, signaling they are having borrowing difficulties.

The news also highlighted:

Gasoline inventories rose 1.94 million barrels to 210.8 million last week, the Energy Department said today. Stockpiles were forecast to fall 500,000 barrels, according to the median of 15 analyst estimates in a Bloomberg News survey.

Click here to access the entire news