The dance of crude has slapped more than a few investors to the dirt-nap lately. Three fake rallies have throttled investors like T. Boone Pickens into equity unconsciousness and several of these black gold rushers are laying on the sidelines, out cold.
Crude oil fell after a U.S. government report showed a bigger-than-forecast inventory increase in the world's largest energy-consuming country.
Stockpiles climbed 1.94 million barrels to 353.3 million last week, the Energy Department said today. Inventories were forecast to rise by 1.5 million barrels, according to the median of analyst estimates in a Bloomberg News survey. Supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, also increased.
Fourth time is the charm?
Oil Falls After U.S. Reports Supplies Rose More Than Forecast [Bloomberg]