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Oil Falls to Three-Week Low as Record U.S. Supply Outweighs OPEC

  • U.S. inventories increased to 520.2 million barrels last week
  • WTI closes below 50-day moving average first time since Nov.
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U.S. Oil Stockpiles Increase to 520.2 Million Barrels

Updated on

Oil closed at the lowest level in more than three weeks as record U.S. crude inventories were seen jeopardizing OPEC’s efforts to drain a global surplus.

Futures declined 2.3 percent in New York and settled below technical support. U.S. stockpiles expanded to 520.2 million barrels, the most in weekly government data going back to 1982. Saudi Arabia continued to lead OPEC’s efforts to cut production, helping the group get closer to a goal set out in a historic accord last year. Output fell to 32.17 million barrels a day in February, a 65,000 barrel-a-day drop from January, the first month of the agreement.