Crude Oil prices briefly traded above $80 a barrel Tuesday, but turned lower as U.S. stocks fell and the Dollar strengthened, pressuring Dollar denominated Oil prices. Oil sank further in late trading, slipping below $79 a barrel, after the American Petroleum Institute said U.S. Crude Oil stocks rose more than anticipated.
Oil declined 0.5% yesterday after the American Petroleum Institute said Crude inventories increased 1.22 million barrels last week to 337.5 million. The U.S. government will report supply figures tomorrow. The weekly EIA inventory report will be released a day late on Thursday due to the U.S. Veteran's Day holiday.