Oil Falls Amid Stockpile Glut as Investors Wait for Stimulus
- U.S. supply at highest seasonal level in at least decade: EIA
- Dollar falls as ECB’s Draghi refrains from new asset purchases
Rebalancing Act: Why Oil's Road to Recovery Will Be Rocky
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Oil dropped as the U.S. is set to end the summer-driving season with ample stockpiles while investors await signs of additional central bank stimulus.
Futures fell 2.2 percent in New York. U.S. crude and gasoline supplies were at the highest seasonal level in at least a decade last week, an Energy Information Administration report showed on Wednesday. The dollar fell after European Central Bank President Mario Draghi signaled stimulus growth was on hold for now. Almost $5 trillion has been added to the value of world equities since June 27 amid signs central banks will boost the economy.