Oil Falls to Three-Month Low
- U.S. crude stockpiles rise 1.67 million barrels: EIA data
- Gasoline inventories climb as distillate supplies decline
Oil Falls for a Fifth Session
This article is for subscribers only.
Oil dropped to a three-month low in New York after government data showed that U.S. crude stockpiles unexpectedly climbed last week, halting the longest streak of declines on record.
Futures fell 2.3 percent in New York after crude inventories rose 1.67 million barrels, according to an Energy Information Administration report. Analysts surveyed by Bloomberg had forecast a 2 million-barrel decline. Refineries reduced operating rates, which had been at the highest level of the year. U.S. refiners usually don’t begin to curb processing until August as the summer driving season nears its end.