November 09, 2011 at 12:00 PM EST
Oil Flat Following Inventory Drop
Wednesday, November 09, 2011 Oil Flat Following Inventory Drop Oil futures were little changed in New York, rebounding from a decline of 2.3% after the U.S. government reported an unexpected decline in supplies last week. Crude oil for December delivery fell two cents to $96.78 U.S. a barrel late Wednesday morning on the New York Mercantile Exchange. Oil traded at $94.84 a barrel before the release of the report at 10:30 a.m. in Washington. Oil pared losses after the U.S. Energy Department said supplies fell 1.37 million barrels last week. Analysts surveyed by Bloomberg News had expected a gain of 500,000 barrels.
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