Oil Falls Most in 6-Weeks as U.S. Supplies Expand, Imports Surge
- Crude inventories rose by 9.36 million barrels last week: EIA
- Imports climb 9 percent to most since June 2013: EIA Report
Oil Hits $40 Again: Is It Time for a Pullback?
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Oil dropped the most in six weeks after a U.S. government report showed crude supplies climbed to the highest level in more than eight decades as imports surged.
West Texas Intermediate declined 4 percent. The inventories rose last week by more than three times what was projected in a Bloomberg survey, and imports reached the highest level since June 2013, Energy Information Administration data show. Stockpiles at Cushing, Oklahoma, the biggest U.S. oil-storage hub, dropped from a record high.