Oil prices were mostly flat today but traded down slightly despite the Fed announcing a 50bps rate cut. The cut is raising worries about the health of the US economy. While todays rate cut was largely expected it was larger then some initially thought, stoking concern the central bank may see a slowing job market. The Market shrugged off a decline in crude oil inventories as that was attributed to the impact of last weeks storm. Crude inventories fell by 1.6 MM/bbl, compared to expectations of a 500K/bbls draw. “The problem with a ‘Hurricane” report is that the numbers have a tendency to boomerang back in the opposite direction in the next week’s report, after oil infrastructure comes back online,” Yawger said. Gasoline and distillate inventories, meanwhile, rose slightly last week. WTI traded down .28 to close at $70.91. Brent traded down $.05 to close at $73.65.