Oil Falls Despite Record Low U.S. Crude Inventories

Oil prices fell 2% today despite a historic drop in U.S. crude inventories, and U.S. oil prices tumbled amid declines in all financial markets after rating agency Fitch downgraded the U.S. government's top credit rating.

The Energy Information Administration said U.S. crude inventories fell by 17 million barrels last week, the biggest drop in U.S. crude inventories according to records dating back to 1982.

Brent crude futures fell $1.71, or 2%, to $83.20 a barrel, and U.S. West Texas Intermediate crude futures fell $1.88, or 2.3%, to $79.49 a barrel.