On Wednesday, the contract tumbled $5.95 to settle at $42.63 after the Energy Information Administration said that inventories of commercial crude oil inventories rose 6.7 million barrels. That was well above the 1.5 million-barrel build expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos.
Obviously, with all the lay-offs, job losses, and unemployment, people are seriously cutting back on daily commutes. Despite the conflicts in the Middle East, oil is still going down.
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