U.S. inventories at 16-year highs

Monday, October 12, 2009

Crude oil futures closed lower yesterday as inventories in the United States jumped to a 16 year high.

Even though, crude oil futures have now closed above 50 dollars a barrel for five consecutive sessions.

Light, sweet crude for May delivery settled down $1.21 or 2.2%, at $52.77 a barrel on the New York Mercantile Exchange. May Brent crude on the ICE futures exchange settled $1.75 lower at $51.75 a barrel.

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