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.
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