COMMODITIES UPDATE: December Crude Oil Wavers Around $97 Per Barrel After EIA Inventory Report

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Oil futures contracts recovered slightly after dipping below $97 a barrel at one point this morning following weekly inventory data from the U.S. Energy Information Administration showing that crude supplies rose 4.1 million barrels during the week ended Oct. 25, significantly less than the 5.9 million-barrel increase reported late yesterday by the American Petroleum Institute industry group.

Analysts polled by Platts Oilgram news were looking for a rise of 3.5 million barrels in the EIA report.

December contracts (CLX13.NYM) were down nearly 1% at $97.30 a barrel by late morning, sliding 80 cents. The front-month contract was trading at $97.15 shortly before the EIA report came out, moving through a range of $96.86 to $97.82 today.

Gasoline supplies fell by 1.7 million barrels, the EIA said, while distillate stockpiles fell by 3.1 million barrels. Gasoline stockpiles were expected to rise 1.5 million barrels, while forecasts called for a decline of 1.2 million barrels for distillates.

In exchange traded fund activity, United States Oil ( USO ) is down 34 cents or 1% to $35.07.

Oil giant Exxon Mobil ( XOM ) is up 17 cents or 0.2% to $89.10, while Chevron ( CVX ) is down 73 cents or 0.6% to $120.77.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: CVX , USO , XOM

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