×

What’s the Next Stop for Crude?

82002101DM044_Surging_Oil_I
Getty Images

In a mixed inventory report, U.S. crude inventories beat expectations to rise 4.14 million barrels while U.S. gasoline inventories fell 2.88 million barrels, the U.S. Energy Information Agency reported on Thursday.

Brent crude oil fell to a three-week low below $114 a barrel on Thursday, hit by weak euro zone economic data dampening the prospect of an early recovery and concern the U.S. Federal Reserve might end its stimulus program sooner than thought.

The drop extended Brent crude's largest one-day drop in 2013 on Wednesday, alongside declines in other commodities and equities. Rumors that a hedge fund was liquidating positions also had helped pressure prices, although there was no evidence of liquidation by any specific fund.

Brent crude futures fell as low as $113.32 and was last down 1.6 percent at below $114 a barrel. U.S. crude futures last slipped by 2.3 percent to around $93 a barrel.

Vote
Vote to see results
Total Votes:

Not a Scientific Survey. Results may not total 100% due to rounding.

That said, what do you think — what's the next stop for crude?

Vote now in our "Futures Now" poll!

Watch "Futures Now" Tuesdays & Thursdays 1p ET exclusively on FuturesNow.CNBC.com !

Like us on Facebook! Facebook.com/CNBCFuturesNow

Follow us on Twitter!@CNBCFuturesNow

Host Bio & Watch Now

Trader Bios