SELL CRUDE
INTERNATIONAL MARKETS ARE VOLATILE TAKE CARE
Oil Inventories Still Building:
The Energy Information Administration reported that crude oil inventories rose 4.84 million barrels, which is noticeably higher than the 2.3 million barrel increase expected by the market. Gasoline inventories, meanwhile, fell 881K barrels and distillate inventories dropped 3.89 million barrels. The market was anticipating declines of 1.1 million barrels and 1.65 million barrels, respectively.
There was a bit of a knee-jerk dip in oil prices in the wake of the release. Currently, April crude futures are down $0.60 at $62.45 per barrel, which is offering a measure of support to the stock market.