Crude oil dropped 4 percent on the day as investors got reports that oil stocks will remain high into the first quarter of next year. On the NYME January futures for oil fell to $63.05 a barrel or –4.2%. This is the lowest point in 5 years. Oil futures in London also fell at a similar pace. Analysts remain very bearish on crude oil as US drilling reports show large supply and the Japan economy continues to struggle.

Traders were hoping that the price declines would lead to less drilling rigs being established in the US but reports showed a continual increase in rigs. Meanwhile, Japan revised its GDP growth estimates lower and other countries were viewed to follow in the near future.