In the commodities market, oil fell nearly $2 per barrel and then quickly rebounded after an inventory report was released. Crude supplies were up 2.6 million barrels last week, according to the U.S. Energy Information Administration, but analysts had expected an even larger jump of 3 million barrels. A report from the American Petroleum Institute yesterday showed a 3.6 million-barrel rise in inventory, so the lower number from the EIA eased some fears for the short term.
Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) are trading slightly lower due to the pressure on oil prices. I don’t think today’s report is anything to panic over, but as oil markets adjust to increased domestic supply, there could be some turmoil in the markets. Exxon and Chevron are well-equipped to deal with that and are relatively safe picks in the energy space.
The article Disney Earnings Can’t Pull the Dow Higher originally appeared on Fool.com and is written by Travis Hoium.
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