Oil Heads for Biggest Weekly Drop in 8 Months Amid Ample Supply

Updated on
  • U.S. crude stockpiles rose 2.28 million barrels last week: EIA
  • Russian minister sees no need for oil producers to cap output

What's Keeping the Lid on Oil Prices?

Oil tumbled, heading for the biggest weekly decline in eight months, after U.S. government data showed crude supplies at the highest seasonal level in more than 20 years.

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