Oil prices bounce up and down this morning even after the U.S. Dept. of Energy announce a rise in inventories this morning. While light sweet crude dropped below the $48 mark immediately following the announcement, it quickly bounced back up to 20 cents over its opening price and then back down slightly to 15 cents at $49.35. Brent is trading down 27 cents at $50.25 and gas is down almost 2 cents $1.44 a gallon.
Inventories Swell and Oil Prices Drop
The U.S. Energy Information Administration said oil inventories swelled 5.5 million barrels and crude prices descended $1.10 to $53.10 a barrel in the process. Brent crude also saw a big drop of $1.06 a barrel to $53.08 a barrel.
Oil and Gas Inventories Tanked
With U.S. stockpiles declining and oil prices rising, prices at the pump seem to be in further trouble. Light sweet crude prices closed at $52.50 after dropping below $50 a share earlier in the week. Brent crude also closed higher, up 80 cents for the day.