Economics
Oil Tumbles to Six-Year Low After U.S. Crude Inventories Surge
- Crude stockpiles swelled by 4.8 million barrels last week: EIA
- Congress agrees to lift restrictions on crude sales overseas
Yellen: Surprised by Further Oil Drop
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Oil closed at the lowest level in more than six years after U.S. crude inventories climbed to the highest recorded for this time of year since 1930.
Crude supplies rose to 490.7 million barrels last week, leaving stockpiles more than 120 million barrels above the five-year seasonal average, government data showed. The discount of crude in New York to global marker Brent earlier dropped to an 11-month low amid expectations that a 40-year-old ban on most American crude exports will be lifted. Futures maintained losses after the Federal Reserve raised interest rates for the first time in almost a decade.