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Crude Oil Slips Below $79/barrel After API Data

 
By Laura Mandaro
MarketWatch Pulse
     

    SAN FRANCISCO -- Crude-oil futures fell further in late trade Tuesday after the American Petroleum Institute said oil inventories increased by 1.2 million barrels in the latest week. The report precedes the closely watched inventories report from the Energy Information Administration Thursday, a day later than usual because of the Veteran's Day holiday. Analysts polled are anticipating an increase of 1 million barrels in commercial crude stocks for the week ended Nov. 6. Oil for December delivery fell to $78.84 a barrel in late electronic trading, down from a settlement of $79.05 a barrel. Oil had closed 0.5% lower by the end of the floor session.

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