Unexpected rise in gasoline supplies raise skepticism over recovery: crude oil slides

30-Oct-09

The Energy Information Administration, on Wednesday, reported an unexpected increase in gasoline stocks by 1.7 million barrels contrary to expectations of a 1 mln barrel fall, and also a rise in crude supplies bye 900,000 barrels. As skepticism surfaced about the rate of recovery in crud demand, oil prices dipped. Crude for December delivery stood at US$77 a barrel on the Nymex and at US$75.6 in London.