Crude Oil Futures Tumble

The notion that gasoline and crude oil markets may be easing runs counter to the EIA inventory numbers released Wednesday that were extremely bullish. Gasoline inventories fell by 3.8 million barrels the previous week, whereas analysts had predicted a 400,000 draw. The EIA figures sent gasoline and crude prices soaring.

Also influencing markets was the impending meeting of the Organization of Petroleum Exporting Countries. OPEC will meet next Thursday to decide whether it will adjust quotas for the export of crude oil. Most analysts expect that it will stand pat on current production levels.

Elsewhere, energy stocks were mostly higher. The iPath Goldman Sachs Crude Oil (OIL Quote) ETF was down 2.3% at $36.71.

Exxon Mobil (XOM Quote) edged 1% higher to $71.14. ConocoPhillips (COP Quote) was 23 cents higher at $67.80. Shares of Chevron (CVX Quote) finished the day unchanged at $68.46.

Halliburton (HAL Quote) was upgraded by Calyon Securities from neutral to add, and its stock target price was raised from $36 to $41. Halliburton was up 0.8% cents at $32.

Verasun Energy (VSE Quote) was upgraded by Thomas Weisel from underweight to market weight, and its stock jumped 2.9% to $17.95. Provident Energy Trust (PVX Quote) was upgraded by BMO Capital Markets from underperform to market perform, and its shares advanced 0.5% to $10.67.