WTI Crude Falls to 12-Year Low at $26.14 per Barrel
- Stockpiles at U.S. hub increase to 64.7 million barrels: EIA
- WTI oil-price contango increases to widest in five years
WTI Crude Falls to Twelve-Year Low
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Oil tumbled to lowest level in more than 12 years as crude stockpiles at the delivery point for New York futures expanded to a record.
West Texas Intermediate futures sank to the lowest since May 2003, breaching the level reached in January, and the contango between front-month and second-month contracts increased to the widest in five years. Supplies at Cushing, Oklahoma, the biggest U.S. oil-storage hub, rose to a record 64.7 million barrels last week, according to government data. The site is considered full at 73 million barrels.