Filed under: Major movement, International markets, Forecasts, Products and services, Consumer experience, Middle East, Oil, Federal Reserve

It is hard to believe that just two days ago we were sitting here wondering if Monday would be the day we saw $100 a barrel for oil. Prices have been falling all week, and are moving sharply lower today following a bearish inventory report from the US Department of Energy.

Today’s report showed that last week oil inventories fell by 400,000 barrels. I have found two conflicting reports online where one showed analysts polled by Dow Jones were expecting to see a 500,000 barrel drop, and another article showed analysts expecting the 400,000 barrel decrease that we did see. Either way, the main point is that inventories did not drop more than expected, which is what is pushing prices lower.

Prices had already been showing signs of weakness earlier in the day on mixed messages from OPEC, and all week traders have been pushing prices lower on fears of an economic slowdown.

Continue reading Weekly inventory report pushes oil prices even lower

Read | Permalink | Email this | Comments

Share This

This entry was posted on Wednesday, November 28th, 2007 at 4:40 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.