Oil Tumbles After U.S. Crude Stockpiles Climb Most on Record
- Crude inventories rose 14.4 million barrels last week: EIA
- Imports increased to highest level since September 2012
Is OPEC's Credibility Crumbling?
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Oil tumbled as a record increase in U.S. crude stockpiles heightens the pressure on OPEC to reduce production.
Crude inventories rose 14.4 million barrels last week, the biggest gain in data going back to 1982, according to the Energy Information Administration. A 2 million barrel increase was forecast by analysts surveyed by Bloomberg. Imports surged 28 percent to the highest in four years. Prices were down before the report’s release on record OPEC output last month, which is complicating the group’s effort to stabilize prices.