Oil Declines as West Coast Supply Drop Offset by Gains Elsewhere
- U.S. crude inventories decrease by 553,000 barrels: EIA
- Stockpiles on West Coast slip to lowest since January 2015
Oil Retreats Below $50 on OPEC Output Deal Concerns
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Oil fell to a three-week low after a government report showed an unexpected decline in U.S. crude supply was centered on the West Coast.
Nationwide crude stockpiles fell 553,000 barrels last week, according to the Energy Information Administration. Analysts surveyed by Bloomberg projected a gain and the American Petroleum Institute data showed an increase. Supplies along the West Coast decreased by 2.26 million barrels to 47.1 million, the lowest since January 2015. But the region is sometimes ignored by traders because its distribution system is isolated from the rest of the country.