Oil Drops From Five-Week High on U.S., European Jobs
This article is for subscribers only.
Oil fell after the U.S. Energy Department reported that crude inventories surged to the highest level in more than 21 years and production and imports climbed.
Futures dropped 0.9 percent after the department said supplies rose 2.84 million barrels to 375.9 million last week, the most since September 1990. Output increased 8,000 barrels a day to 6.12 million, the highest level since November 1999. Crude also decreased as U.S. employers added fewer jobs than forecast in April and factory orders declined in March.