Oil falls below $87 after weekly inventories surge

February 06th, 2008 | Category: Good News, Oil, Commodities

Oil fell $1.55 to $86.86 at mid-day after crude oil inventories rose by seven million barrels for the week ended February 1 — well above the consensus estimate of a 2.6-million-barrel increase — the U.S. Energy info Administration announced Wednesday.

Meanwhile, gasoline inventories increased 3.6 million barrels and distillates rose 100,000 barrels.

Other oil and natural gas products additionally fell on the news. Heating oil fell about 3 cents to $2.41, unleaded gasoline declined about

3 cents to $2.23 and natural gas fell 50 cents to $7.99 per million BTUs.

Oil to tryout $80?

Independent energy trader Jim Dietz told BloggingStocks Wednesday the oil market “is fitting very price-heavy and the bears are piling up.”

Continue reading Oil falls below $87 after weekly inventories surge

Original post by Joseph Lazzaro

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