Crude Oil Falls To $77.46 On Higher Gasoline Stockpiles
October 29th, 2009 | File Under : Natural Gas - Oil and Gas - Petroleum
The prices of Crude Oil at NYMEX fell more than 2% on Wednesday, aided by the government data released which showed an increase in the gasoline stockpiles.
The EIA reported the reserves on crude, rose less than expected weighed on the prices, which had risen due to a forecasted drawdown stated by the American Petroleum Institute.
The crude prices at NYMEX settled at $77.46, lowest since October 20, losing more than $2 from its previous session.
The Crude oil inventories rose only by 0.778 M barrels per day from its previous levels of 1.3 M barrels per day and from the forecasted levels of 1.8M barrels as per the Reuters poll, but a complete contradicting news from the API which stated a drawdown of 3.5 M barrels per day.
The stocks on Gasoline rose by 1.7 M barrels, to 208.6 M barrels against the forecasted decline of 800,000 barrels.
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