Crude Oil Falls Below $83 –

Crude oil fell and hit an eight month low in trading on Wednesday.  Crude oil settled at $82.62 a barrel after the Energy Information Administration indicated that crude oil fell 200,000 barrels last week.  In addition, the Organization of Petroleum Exporting Countries will meet in Vienna on Thursday and are expected to maintain production levels.   Currently, OPEC production for May was 31.58 million barrels a day.

Gasoline inventories fell last week and dropped 1.7 million barrels.  Distillates also declined and fell 100,000 barrels.  Analysts expected increases in gasoline inventories as well as Distillates.

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James Sutliff

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