Crude Falls as Global Oil Supply Glut Outweighs Dollar Weakness
- U.S. supply rose to highest level since 1930 last week, EIA
- Venezuela says 6 OPEC states are open to talks on price drop
Could Recent Higher Oil Be Early Signs of Bottom?
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Oil retreated as the highest U.S. crude supplies in more than 80 years outweighed a weakening U.S. dollar.
West Texas Intermediate oil slipped 1.7 percent. Crude stockpiles climbed 7.79 million barrels to 502.7 million last week, the highest since the 1930s, according to weekly and monthly data from the Energy Information Administration. Futures climbed as much as 4.1 percent earlier as the Bloomberg Dollar Spot Index, which tracks the currency against major peers, declined on signs of a slowing U.S. economy.