An unexpected jump in crude oil supplies helped fuel selling in the energy complex this morning that fed the profit taking frenzy seen across the commodity markets.
While a stronger dollar worked into the equation, this morning's weekly Petroleum Inventory was a sucker punch for many traders. The government said crude oil inventories rose 2.9 million barrels in the latest week, running against expectations for a decline. Industry analysts and yesterday's separate survey by the American Petroleum Institute predicted a drop in supplies.
The report triggered a drop of more than $3 a gallon in crude oil prices on Wednesday, after prices ran into resistance below the $70 market targeted by some bulls. Selling was widespread after the recent rally, despite another drop in gasoline supplies.
To read Bryce Knorr's complete weekly energy review, click HERE.
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