The Hard Times Cafe

Oil prices tumble again on US surprise supply jump

"NEW YORK - Oil prices are tumbling, extending a massive sell-off the previous day, after of the government reported that U.S. crude supplies unexpectedly jumped last week.

Light, sweet crude for August delivery is down $6.44 at $132.30 a barrel in morning trading on the New York Mercantile Exchange.

The Energy Information Administration reported U.S. crude oil supplies jumped by 3 million barrels last week. That is the opposite of the 3 million barrel decline analysts surveyed by energy research firm Platts expected.

Gasoline supplies also jumped unexpectedly."

Link to article below

http://news.yahoo.com/s/ap/20080716/ap_on_bi_ge/oil_prices