After ending at an all-time high last weak, oil prices have dropped almost $13, as Tuesday's drop of $6.44 was followed by another decrease of $4.14 today.
According to the U.S. Energy Information Administration, crude inventories surprisingly grew by 3.0 million barrels last week, probably one factor in the falling price. In London, Brent crude also fell, dropping by $2.56 to finish the session at $136.19 a barrel.
"The EIA builds across the board are the most bearish inventory data we've seen in a long while," said John Kilduff, senior vice president of MF Global in New York.
The drop in oil prices is the largest in a two-day period since January 2007.
So far this year, demand for oil-related products in the U.S. have fallen 2.0 percent below demand last year, showing the impact prices are having on consumers.
I think for the purpose of business, it's important to note the 2 percent drop in demand for oil products, as that could have some bearing on sales projections this summer, especially for tourist and travel-related industries.
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