Crude Oil Inventories Post Largest Decline Since 2004

Although analysts were expecting a slight increase in crude oil inventories, the Energy Department reports a decline of 8.8 million barrels. This is the largest weekly decline in crude oil inventories since September 2004.

Temporary delays in unloading oil tankers on the U.S. Gulf Coast are being cited as the primary catalyst for the inventory drop.

Crude prices have reversed earlier losses and are now trading up 66 cents to $131.69