Oil Pares Decline on U.S. Gasoline Supply: Report

By Midnight Trader,  May 16, 2012, 11:25:47 AM EDT

Crude oil futures pared a decline to a six-month low after the U.S. Energy Department said stockpiles of gasoline dropped more than forecast last week and distillate inventories unexpectedly fell, Bloomberg reports.

Gasoline inventories dropped 2.8 million barrels to 204.3 million last week, the Energy Department said today. Stockpiles were forecast to slip 100,000 barrels, according to the median of 12 analyst estimates in a Bloomberg News survey.

Crude oil for June delivery fell 24 cents to $93.74 a barrel at 10:59 a.m. on the New York Mercantile Exchange. Oil traded at $93.37 a barrel before release of the inventory report at 10:30 a.m. It touched $91.81 a barrel in intraday trading today, the lowest level since November.




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.


This article appears in: Investing, Commodities

Referenced Stocks:



Latest News Video

Man Plays Guitar During Brain Surgery
Man Plays Guitar During Brain Surge...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.24 0.03  0.23%
FB $ 24.32 0.74  2.95%
SIRI $ 3.58 0.04  0.99%
GE $ 23.53 0.13  0.55%
PFE $ 29.04 0.07  0.24%
MSFT $ 34.27 0.12  0.35%
INTC $ 23.93 0.12  0.50%
P $ 16.43 0.73  4.25%