America's LargestUPDATE: Oil Prices Fall on Surprising Inventory Data
Crude and heating oil prices both fell 2.5% from their morning increases in reaction to U.S. inventory data released by the EIA at 10:35 am eastern time. Although the increase in crude oil stocks was smaller than expected (0.4 million barrels vs. predictions of a 1.1 million barrel increase), gasoline and distillate stocks rose by several million barrels following predictions of stock decreases.
The effects of the data were immediately apparent on the oil markets, but could be counteracted in the last four hours of trading.
