Following a U.S. inventories report showing an increase in distillate oil stockpiles, crude prices fell as there appears to be a glut of the commodity in the American market. While crude oil inventories actually fell, investors largely seemed to ignore this, instead choosing to pay attention to oil overall. Consequently the price of crude fell to just above $70.00 a barrel.
Most analysts are predicting that crude oil prices will stay low for sometime, as a weak economy is forcing many Americans to cut down on fuel consumption. That being said, any positive employment news coming from the U.S. could lead to an increase in prices. Economic gains made in the U.S. will likely lead to an increase in consumption, especially as the weather gets continuously colder.