Crude markets grow volatile with inventory buildup
Oil prices rose in volatile trading Thursday after the government
reported an enormous buildup of oil and gasoline at U.S. storage
facilities, another manifestation of how badly the deteriorating
economy has cut into
energy demand.
With the latest report from
the Department of Energy, crude inventory levels have risen by 14
million barrels since the week ended Jan. 2, pushing operational
capacity at key storage sites to the limit.
Prices tumbled 7
percent before a late day rally, with light, sweet crude for March
delivery settling up 12 cents at $43.67 on the New York Mercantile
Exchange. (AP)