I think you mean US crude inventories rose to 7M bbls from -847K bbls last week and -2.94M last year which highlights the oil glut. Russia is in real financial trouble. Their $500B in external debt does not seem like much to us with a Fed that can add that much liquidity in a moments notice, but it will put pressure on their banks and Russia is currently frozen out of some interbank trading due to the ruble's slide and the poor prospects for their economy. It will take a couple of months for the real financial problems to exert themselves. I'm not sure Russia is a large enough catalyst to cause a major break in the US market, but the US market is overvalued. I think more dominoes will need to fall to cause a really serious break in the US markets.
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