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Oil Closes Below $31 After U.S. Crude Supply Surge Damped Gains

  • Crude stockpiles climbed 2.15 million barrels last week: EIA
  • Imports increased 11 percent to 7.92 million barrels a day
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Investing in Energy at Oil's Lows

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Oil closed below $31 a barrel, almost erasing the session’s gains, after a report showed U.S. crude inventories advanced to an 86-year high.

Crude stockpiles rose 2.15 million barrels to 504.1 million last week, pushed by the biggest gain in imports since April, according to the Energy Information Administration. Prices climbed earlier as Iran cautiously supported a proposal by Saudi Arabia and Russia to freeze production at near-record levels.