Oil Prices Drop

- November 7th, 2012

Crude-oil futures slipped after the re-election of President Barack Obama sent stocks lower, as investors fear the approaching political battle over U.S. budget cuts and tax increases will threaten the economic recovery.

Crude-oil futures slipped after the re-election of President Barack Obama sent stocks lower, as investors fear the approaching political battle over U.S. budget cuts and tax increases will threaten the economic recovery.

Highlights from market news:

Crude-oil stockpiles rose 1.8 million barrels to 374.8 million barrels, compared with an average survey estimate calling for a build of 1.9 million barrels, according to data from the U.S. Department of Energy. The American Petroleum Institute, an industry group, said Tuesday that crude oil stocks fell by 27,000 last week.

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