Economics
Oil Falls to 6-Year Low as U.S. Crude Supply Drop Shrugged Off
- Crude supply tumbled 7.3 million barrels on Gulf Coast: EIA
- Diesel futures slipped to six-year low as gasoline rebounded
What Is Keeping Commodities From Hitting a Bottom?
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Oil dropped to the lowest in more than six years as investors discounted a decline in U.S. crude inventories.
Crude supplies fell 3.57 million barrels last week, the U.S. Energy Information Administration reported Wednesday. Stockpiles along the Gulf Coast tumbled 7.3 million barrels, the biggest decline since December 2012. Refiners in Texas, which is located in the region, typically drain tanks in December to reduce their tax burden, which is determined by year-end storage.