Oil Prices Are Down On Unexpectedly High Supply

Light sweet crude oil for November delivery is down 1.7% to $83.79 a barrel. This comes after the Energy Information Administration (EIA) reported an increase of 1.3 million barrels of crude inventories for the week ended Oct. 7, against expectations of a decline of 4.7 million barrels.

Oil prices may be getting hit on lower demand expectations.  Earlier today, China said exports rose 17.1%, the slowest rate in seven months.

Here’s what crude oil has been doing today:

crude oil prices chart

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