Is the 1986, top selling album by Bon Jovi. Today, Crude Oil Bulls , might be feeling the pain of the slippery when wet like price drop of the commodity.
REUTERS, have the story why Crude Oil prices are SLIPPERY when WET.
READ it here :
Oil prices tumbled 3 percent on Wednesday after a record weekly build in U.S. crude inventories stoked investor worries about a global supply glut, days after analysts estimated higher monthly OPEC crude output.
The U.S. Energy Information Administration (EIA) said crude inventories rose 14.4 million barrels for the week ended Oct. 28, far more than the 1.0 million barrels analysts had expected. It was the biggest weekly rise in U.S. crude stocks since records began in 1982, and exceeded the American Petroleum Institute's report on Tuesday of a 9.3 million-barrel build. [EIA/S]
"This is very, very, very bearish. Nothing else in the report matters," said James L. Williams, energy economist at WTRG Economics in London, Arkansas.
U.S. West Texas Intermediate (WTI) crude CLc1 settled down by $1.33, or 2.9 percent, at $45.34 a barrel. It broke the $45 support earlier, sinking to a five-week low of $44.96.
Brent LCOc1 fell $1.28, or 2.7 percent, to settle at $46.86, after sliding to $46.46, its lowest since Sept. 28.