Crude Oil Tumbles Below $34 a Barrel as U.S. Supply Glut Expands
- Gasoline inventories rose 10.6 million barrels last week: EIA
- Brent oil slips to 11-year low, WTI drops to lowest in 7 years
Oil Supplies Continue to Outstrip Demand
This article is for subscribers only.
Oil dropped below $34 a barrel in New York after U.S. gasoline inventories surged the most in 22 years and crude supplies at the American hub climbed to a record.
Brent oil fell to an 11-year low in London as West Texas Intermediate tumbled to a seven-year low in New York. Gasoline stockpiles rose 10.6 million barrels last week, the most since May 1993, government data show. Crude inventories in Cushing, Oklahoma, the delivery point for WTI, advanced to an all-time high, while nationwide supplies slid. Adding pressure to oil was China’s central bank devaluation of the yuan, a reminder of the August cut that sparked financial-market turmoil.