Crude Oil on Five-Day Losing Streak

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WTI crude oil fell for a fifth straight day today, closing down -1% at $97.01. The price of crude futures fell as low as $95.52 at one point during the day.

Tomorrow could be another down day, as a survey of analysts by Dow Jones Newswires expects the US Energy Information Administration (EIA) to report a build of 2 million barrels in US stocks. The American Petroleum Institute reported an inventory build of 7.8 million barrels in crude, a drop of nearly 5 million barrels in gasoline, and a drop of 2.7 million barrels in distillates during the week ending May 4th..

Concern about growth in Europe and weaker non-farm payroll numbers from the US are pointing to a further slowdown in demand for crude.

Paul Ausick