Oil prices are now down to about $47, off from yesterday’s three month high of $49.16, dragged down by the news that there is plenty of oil sitting around.
Bloomberg: Stockpiles climbed 1.94 million barrels to 353.3 million last week, according to an Energy Department report today. Inventories were forecast to rise by 1.5 million barrels, according to the median of analyst estimates in a Bloomberg News survey. Supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, also increased.
The broader market is down slightly, but oil companies are falling by a greater rate. Exxon Mobile (XOM) is down 3%, US Oil ETF (USO) is also down 3.33%. Shell who unveiled a bunch of news yesterday is down 5%.
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