Oil prices slip below $96 a barrel as gas inventories rise

Yahoo Finance Live anchors discuss oil dropping below $96 per barrel.

Video Transcript

- And I've been watching some headlines on oil prices. And that's because we got the weekly inventory report from the Energy Information Administration. Now this isn't always a market moving report, but we had build-in inventories across the board. What does that mean? Effectively, people seem to be buying less fuel. Well, we're talking about both crude and gasoline. So gasoline inventories were up some 5.8 million barrels last week. The estimate was for those inventories to drop-- distillate Inventories, so other types of fuels made from oil.

We saw a build of about 2.7 million barrels. So build-in supply, you tend to get a decrease in price, and that is what we saw. Crude production, by the way, down 100,000 barrels per day, last week as well. So really interesting figures here that we continue to watch as we continue to see a pullback in energy markets, which is good news, potentially continuing for us in terms of prices at the pump. So I'm going to keep watching these numbers, which are quite interesting on the week.

- The fuel that seems to fuel the Brian Deese argument that he was making