Oil Falls After U.S. Supplies Climb to Most Since 1990
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Oil dropped to an eight-month low after the Energy Department reported that U.S. crude inventories climbed to the highest level in 22 years. Brent crude in London tumbled to an 18-month low.
Futures in New York declined 2.7 percent after the department said supplies rose 2.86 million barrels to 387.3 million last week, the highest level since July 1990. The decline accelerated after Federal Reserve policy makers lowered their outlook for growth and employment.