Oil Tumbles After U.S. Fuel Stockpiles Unexpectedly Increase
- Gasoline inventories rose 1.21 million barrels last week: EIA
- Crude supplies fell an eighth week, longest stretch in a year
Oil Prices Stuck in Supply and Demand Trading Range
This article is for subscribers only.
Oil tumbled after a government report showed U.S. fuel inventories unexpectedly grew, adding to concerns about oversupply.
Futures dropped 4.4 percent in New York. Gasoline supplies rose 1.21 million barrels last week, Energy Information Administration data released Wednesday show. Analysts surveyed by Bloomberg had forecast a 1-million barrel drop. Demand for the fuel fell during the week that included the Independence Day holiday -- usually a peak consumption period -- as output increased.