Oil Falls to 3-Week Low as Investors Shrug Off U.S. Supply Dip
- Crude inventories slipped 754,000 barrels last week: EIA
- Imports along Gulf Coast dropped to lowest since 1991
Oil, Gas Markets: Demand Destruction and Supplies
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Oil dropped to a three-week low in New York amid speculation that an unexpected decline in crude inventories is only temporary, with more gains to follow as production remains strong.
Crude supplies fell 754,000 barrels last week, compared with a 3.2 million barrel gain that had been projected by analysts in a Bloomberg survey. Stockpiles at Cushing, Oklahoma, the biggest U.S. oil-storage hub, climbed to a record, Energy Information Administration data show. Imports tumbled nationwide, especially on the Gulf Coast. Gasoline futures surged after the data showed that demand rose to the highest level this year.