Oil Falls More After Yesterday’s 6% Drop

US benchmark oil prices are declining some more, down 1.1% at $102.01 a barrel after yesterday’s 6% slide that was the biggest one-day drop in more than five weeks. “Crude oil prices are lower but holding above the $100 level,” Spartan Capital’s Peter Cardillo says in a research note. “We see oil prices begging to stabilize around the $101 level ahead of the inventory data.” Apart from the US inventory reports from trade group API this afternoon and the official EIA data tomorrow, oil markets will also watch this morning for the release of the EIA’s monthly Short Term Energy Outlook.