Oil prices slid 12% during yesterday's trading session, the largest percentage drop in 7 years. This drop came after a U.S. government report showed Crude Oil inventories rose more than expected in the world's top energy consumer.
Two days ago, Crude Oil reached a five-week high because of the conflict between Israel and Hamas, Russia's gas dispute with Ukraine, and signs that OPEC members were enacting supply cuts. It later fell as manufacturing data indicated the U.S. recession is deepening. The price of Crude Oil starts to slide again after a $10.00 increase in price in the last three days; this has proven to not be strong enough to reverse the downward trend.