Oil Tumbles After U.S. Crude Stockpiles Increase a Sixth Week
- U.S. crude inventories rose 2.85 millon barrels, EIA data show
- Oil may never rise to $100 a barrel again, Vitol CEO says
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Oil dropped the most in three weeks after government data showed that U.S. crude inventories climbed.
Stockpiles rose 2.85 million barrels last week, according to an Energy Information Administration report. Crude production climbed a second week, the report showed. Demand for gasoline and distillate fuel declined. Crude oil imports on the Gulf Coast dropped to 2.54 million barrels a day, the lowest since November 1991.