Oil should give up at least Half of Yesterdays lofty 6% Gains.
U.S. Energy Day Ahead: Crude Falls; OPEC Trims Oil Production
By Rob Verdonck
Oct. 1 (Bloomberg) -- Crude fell on speculation that the 6 percent rally yesterday wasn’t justified because U.S. oil stockpiles are 10 percent above their five-year average.
The Organization of Petroleum Exporting Countries trimmed production for a second consecutive month, led by declines in Iraq, Saudi Arabia and Angola, a Bloomberg News survey showed.
To contact the reporter on this story: Rob Verdonck in London firstname.lastname@example.org Last Updated: October 1, 2009 06:21 EDT