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Oil Tumbles as Build in Gas Inventories Boosts Summer Demand Worries

7/09/14 11:48 AM EDT
Crude oil inventories drop more than expected and WTI crude oil prices drop nearly $1 a barrel on Wednesday. SCS Commodities options trader Tom Reilly tells TheStreet's Joe Deaux that crude oil prices could drop by as much as another $1 as concerns of violence in Iraq are beginning to weigh less on the WTI crude market. Reilly says that a build in gasoline inventories -- analysts were expecting more than a 1 million barrel draw -- suggests summer driving demand may not fulfill earlier predictions. Without larger gasoline demand, Reilly says, there won't be much to push the price of crude meaningfully higher.
Stocks in this video: XOMCVXBP
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