Oil Falls From 1-Month High as U.S. Crude Supplies, Output Climb
- Nationwide crude inventories rise 3.07 million barrels: EIA
- U.S. refineries operate at lowest rate since February
The Bearish Fundamentals Behind Oil's Recent Rise
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Oil dropped from a one-month high after government report showed that U.S. crude inventories and production climbed.
Nationwide, stockpiles rose for a second week, according to the Energy Information Administration. Supplies at Cushing, Oklahoma, the delivery point for WTI contracts, increased for the first time in six weeks and production rebounded from a 10-month low. Refinery operations slowed to the lowest level in seven months.