Oil at Twenty Month Low

January 18th, 2007

Via: CNN:

Oil prices slipped Thursday, having dipped below the $50 mark, following a government report that revealed a bigger than expected increase in U.S. crude inventories.

U.S. light crude for February delivery fell as low at $49.90 a barrel, its lowest trading level since May 25, 2005, but pared some of its late-session losses to finish $1.76 lower at $50.468 a barrel.

In its weekly inventory report, the Energy Information Administration said crude stocks jumped by 6.8 million barrels last week. Analysts were looking for a build of 100,000 barrels, according to Reuters.

“Clearly this was a much bigger number than the market was expecting,” Scott Hanold, energy analyst at RBC Capital Markets, told CNNMoney.com “We’ve obviously had a lot of pressure put on oil prices here and I think you’ll continue to see some added pressure here.”

Related: Oil: For the Gamblers Out There

Posted in Energy | Top Of Page

One Response to “Oil at Twenty Month Low”

  1. George Kenney says:
    January 20, 2007 at 4:50 am

    I have a couple good jokes for you; “the price of oil is controlled by the market”. Ha Ha Ha! good one! “You can predict the price of oil”. Bwahaha! Hilarious!

    http://syrianamovie.warnerbros.com/

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