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Oil Falls Below $30 as Rising U.S. Crude Stockpiles Expand Glut

  • U.S. supplies climbed to 504.1 million barrels last week: EIA
  • Iran expects to start sale of new oil grade by June in delay
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Trying to Predict Oil Prices Is a Fools Game: UBS

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Oil dropped below $30 a barrel in New York after U.S. crude stockpiles rose to the highest level in more than eight decades.

West Texas Intermediate oil lost 3.7 percent, eroding a weekly gain. U.S. supplies expanded to 504.1 million barrels, the highest level since 1930, according to the Energy Information Administration. Saudi Arabia and Russia have proposed freezing output amid a worldwide surplus. Iraq said Thursday it backs any decision to support prices and balance the market without indicating whether it would cap its own output.