Oil Falls to One-Week Low After Surprise U.S. Crude Supply Gain
- Nationwide inventories increase by 2.5 million barrels: EIA
- Iran says it hasn’t decided whether to attend OPEC meeting
What's Driving Oil Prices?
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Oil dropped to a one-week low after a government report showed that U.S. crude inventories unexpectedly rose last week.
Crude supplies rose by 2.5 million barrels in the week ended Aug. 19, according to an Energy Information Administration report. A Bloomberg survey ahead of the data had forecast an 850,000-barrel decline. Stockpiles are at the highest seasonal level since at least 1986. Iran’s oil ministry said the country hasn’t yet decided whether to join informal OPEC talks next month in Algiers following a Reuters report that the nation had confirmed its attendance.