Crude oil futures extended declines after a U.S. government report showed a bigger-than-forecast increase in inventories. Supplies rose 3.7 million barrels to 331 million in the week ended Jan. 8, the Energy Department said today in a weekly report. Inventories were estimated to climb by 1.5 million barrels, according to the median of 17 analyst estimates in a Bloomberg News survey. Crude oil for February delivery fell $2.17, or 2.7 percent, to $78.62 a barrel at 10:38 a.m. on the New York Mercantile Exchange. Oil traded at $79.25 a barrel before the release of the report at 10:30 a.m. in Washington.
Oil also fell after a government report showed the German economy probably stagnated in the fourth quarter, capping the worst year for Europe’s largest economy since World War II. Gross domestic product “remained at the level of the previous quarter,” Norbert Raeth, an economist at the country’s Federal Statistics Office in Wiesbaden, said today. Still, the figure for the last three months of 2009 is “surrounded by uncertainty,” he said.....Read the entire article.
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