SPDR S&P 500 (SPY)

[learningboutinv]

Probably cause of this... Not that the FOMC is going raise rates and prop the $.

Oil prices drop on report of higher oil stockpiles
Wednesday June 25, 10:55 am ET
By John Wilen, AP Business Writer
Oil prices fall sharply after Energy Department says oil, fuel supplies higher than expected

NEW YORK (AP) -- Oil prices are sharply lower after the government said the nation's fuel and oil supplies were larger than expected last week.

Light, sweet crude for August delivery is down $4.10 at $132.90 a barrel on the New York Mercantile Exchange.

The Energy Department said crude oil inventories rose last week. Analysts had expected supplies to fall.

"Crude inventories for the week ended June 21 unexpectedly rose 803,000 barrels, compared to the expected decline of 1.1 million. "

Gasoline supplies fell, while analysts expected them to rise. And demand for gas fell 2.1 percent.

The weekly inventory report tends to trigger volatile trading in oil futures, especially since prices have risen to record levels near $140.

(This version CORRECTS APNewsNow. SUBS 4th graf to correct that gas supplies fell, compared to forecasts of a gain. )