I thought I'd better post the full article from Maquarie....
Oil Plunges below US$64 despite positive Energy Data
Crude oil futures plunged on Wednesday after traders sold profitable long positions. The market has given up nearly 6% since Fridays record peak at $67.10, despite positive news flow from the US Department of Energy data last night. Gasoline demand has averaged at 9.5 million barrels a day over the past four weeks which is 1.5% above a year ago levels.
The Organization of Petroleum Exporting Countries (OPEC) also released a report stating the pace of oil demand is expected to rebound next year, supporting long-term bullish arguments.
These two statements however could not steam the flow of selling as the futures market gave up $2.94 to close at $63.25 a barrel.
HDR
hardman resources limited
