According to the U.S. oil reserves report released today, crude inventories decreased by 624 000 barrels last week to 394,9 following its record amount since 1931. Economists expected a 450 000 barrels gain.
Phil Flynn,senior market analyst at the Price Futures Group in Chicago said: “We are still swimming in oil. We still have plenty of supplies here. The market is under pressure because of the disappointing New York manufacturing report and the European economic data”.
That didnt bring much change to the downward trend of the crude, which is experiencing pressure by the worsened economic situation in Europe and US and is still selling under $93. It is falling straight for a fifth day after the US government reported lowered fuel demand last week and today data showed contraction in manufacturing. Prices dropped 2.2% after the Energy Information Administration announced consumption declined 3.1% the week ending May 10, followed by a slip of stockpiles from an 82-year high.
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