Oil Drops to Lowest Level This Year as U.S. Supply Rises
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West Texas Intermediate oil in New York fell to the lowest level this year as a government report showed that U.S. crude stockpiles climbed to the highest level since July.
Futures dropped 2.5 percent after the Energy Information Administration said that supplies rose 4.14 million barrels last week to 376.4 million. A 2-million-barrel gain was projected, according to a Bloomberg survey. Production jumped to the most in more than 20 years. Markets also declined after the Federal Reserve signaled that it may consider slowing the pace of asset purchases, according to minutes of the Jan. 29-30 meeting, released yesterday.