Oil Falls After U.S. Crude Stockpiles Shrink Less Than Expected
- Nationwide crude stocks fell by 917,000 barrels last week
- Vote to take place Thursday on whether U.K. will leave the EU
Is Oil Heading to $80 a Barrel?
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Oil declined for a second day in New York after U.S. government data showed crude stockpiles dropped less than expected last week amid a jump in imports.
Futures dropped 1.4 percent in New York after rising above $50 a barrel earlier. U.S. crude imports climbed to the highest level since December 2012, and nationwide crude inventories shrank by 917,000 barrels last week, according to the U.S. Energy Information Administration. A vote to determine U.K.’s membership in the European Union will take place on Thursday with the latest two polls showing a narrow lead for “Leave.”