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•"Yesterday's US inventory was bearish especially from a product perspective," Robert Laughlin for MF Global said in a report. The Energy Information Agency reported larger-than-expected builds of 2.9 million barrels and 2.4 million barrels in gasoline and middle distillates stocks respectively, offsetting a 1.6 million barrel draw in crude stocks. Overall product demand slumped 2.1%, relative to the same four-week period last year. •"What should be more troubling about yesterday's decline for the bulls, is how poorly the market reacted to rather ominous warnings from Nigerian MEND militants to shut down oil and gas production on the strategic Bonny Island export terminal if a series of their demands were not met," MF Global added. "We can only suggest that the market, finally weighed down by the specter of decreasing energy demand, may not be as responsive to geopolitical headlines as it once was," the report added. •Meanwhile, the dollar extended gains against the euro to $1.5633 after a report showing that business confidence in Germany slid to a near three-year low. The dollar has now rebounded 2.7% against the euro from a record low of $1.6043 on July 5. Updated: July 24, 2008
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