Suitably Flip

Had Enough, Crude? Yeah, You Stay Down.

The Department of Energy put out its weekly U.S. oil inventory report this morning.  Analysts had expected a drawdown in supplies.  Instead, the report showed a buildup of 2.4 million barrels, leaving inventories more than 6% higher than one year ago.

Following two days of cheapening oil, the news sent prices even lower, with October crude futures hovering just over under $69 a barrel.

Of course we still have the possibility of something crazy coming out of Ahmadinejad's mouth later today, as the U.N. Security Council deadline to halt enrichment activity expires, a question mark that could see prices rebound if Mahmud is in a mood.

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Had Enough, Crude? Yeah, You Stay Down.

The Department of Energy put out its weekly U.S. oil inventory report this morning.  Analysts had expected a drawdown in supplies.  Instead, the report showed a buildup of 2.4 million barrels, leaving inventories more than 6% higher than one year ago.

Following two days of cheapening oil, the news sent prices even lower, with October crude futures hovering just over under $69 a barrel.

Of course we still have the possibility of something crazy coming out of Ahmadinejad's mouth later today, as the U.N. Security Council deadline to halt enrichment activity expires, a question mark that could see prices rebound if Mahmud is in a mood.