Crude oil supplies went up by 9M barrels last week to 362.4M barrels according to Energy Department’s report today. That’s the biggest inventory gain since 2008 and US crude output reached the highest level in 12 years. Crude oil price took an immediate dive to its 6-week low, rounding off the day at $101 and change.Oil also fell yesterday after the Federal Reserve signaled that it would lean away from QE3. The meeting minute said the Fed would not implement any monetary accommodation unless the economy loses momentum or prices rise at a rate slower than 2%.For more news and updates, keep it right here at the Financial News Network. I’m Julia Sun.
