Oil Down On Big Jumps In US Crude, Gas Supplies

NEW YORK (AP) - Oil prices have tumbled below $70 a barrel after the government reported bigger-than-expected jumps in U.S. crude and gasoline inventories. Investors took the news as more evidence that an economic slowdown is curbing demand for energy.

In its weekly report, the Energy Information Administration says crude stocks rose by 5.6 million barrels last week, well above the 3.1 million barrel increase expected by analysts surveyed by energy research firm Platts.

The EIA also says gasoline stock rose by 7 million barrels last week, more than double the build analysts had expected.

Light, sweet crude for November delivery was down $4.61 to $69.93 a barrel on the New York Mercantile Exchange, crude's lowest trading level in nearly 14 months.

Oil prices have now dropped by more than 50 percent since peaking at $147.27 on July 11.


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  • by Mike Location: Nicholasville on Oct 16, 2008 at 03:01 PM
    Hey, it's really great that the oil price has finally started to give us a break, dropping by over 50% in the past weeks. Why has the pump price of gasoline failed to follow suit? Has the job of raping the public been handed over to the gasoline sellers?
  • by JOHN Location: SOUTHEAST KY on Oct 16, 2008 at 11:30 AM
    ITS A SHAME WE ARE STILL PAYING AROUND 3.00 A GALLON IT SURE JUMPS UP WHEN A BARREL WAS HIGH BUT WHEN IT FELL ITS TAKEN ITS TIME TO COME BACK DOWN I THINK ITS A SHAME
  • by Justin Location: East KY on Oct 16, 2008 at 09:00 AM
    I wonder if these "inventories" that were taken were like this the entire time? Sounds like the government used a big hoax the last year or so to record record profits.

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