Inventories probably rose 900,000 barrels last week, according to the median of analyst responses in a Bloomberg News survey. The department is scheduled to release its next report at 10:35 a.m. tomorrow in Washington.
Word on the Trading Desks
``The drop in consumer spending is not just being felt in the U.S., it's being felt everywhere. And that's a big part of why crude oil is trading at $40.''
``The problems that Toyota is having underlines the problems we're seeing in the world today,'' said Jonathan Kornafel, director for Asia at Hudson Capital Energy in Singapore
"The bears appear to be in control, aided by weak equity markets as the global economic slump offers a depressive ring to the festive period," said Rob Laughlin, senior oil analyst at MF Global in London
Japanese Oil Imports are Down
Japanese crude oil imports fell 17% to 3.71 million barrels a day last monthand South Korea's oil demand dropped 12% in November from a year earlier, Korea National Oil Corp. said.
Japan is the world's third biggest oil importer according to the U.S. Energy Department. South Korea is the fifth-biggest importer.
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