Oil Trades Near Lowest in a Month on Rising U.S. Inventories
This article is for subscribers only.
Crude oil futures traded near their lowest level in a month on concern that the recovery is not strong enough to whittle down excessive U.S. fuel inventories.
Oil dropped after an unexpected increase in applications for unemployment benefits last week was reported by the Labor Department. The U.S. Energy Department report yesterday showed that total petroleum stockpiles surged to the highest level in at least 20 years. Crude futures in New York subsequently fell to $73.83 a barrel, the lowest in more than a month.