Crude Oil dropped below $80 a barrel as the Dollar strengthened, reducing the appeal of commodities and as U.S. inventories increased more than expected. Oil dropped 3.3% yesterday on concerns that Greece's bailout may have to be extended to other indebted nations. Crude stockpiles rose 2.76 million barrels last week to the highest level since June, much higher than the forecasted increase of 0.6M barrels.
Light, sweet crude for June delivery settled down $2.77, or 3.5%, at $79.97 a barrel on the New York Mercantile Exchange, after plunging as low as $79.15 a barrel earlier Wednesday. Currently spot Oil is trading at $80.20 a barrel.