Market Overview

Oil Prices Drop After Hitting $80/Barrel

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The price for oil fell for the first time after topping the $80/barrel resistance level. The drop came after a week gain of 9.4% last week.

In the New York Mercantile Exchange, crude oil fell 1.2% to $78.68 per barrel. December Contracts also lost 1.2% dropping to $78.99.

Information on the Petroleum inventory is set to be released by the American Petroleum Institute today at 4:30 PM. Commercial crude stocks are expected to add 2.2 million barrels while gasoline stocks and distillate inventories are expected to drop 2.3 million barrels and 1.5 million barrels respectively.

 

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Posted-In: American Petroleum InstituteFutures