Oil Slips After Surprise Increase in U.S. Crude Inventories
- Domestic oil stockpiles increase by 2.07 million barrels
- Gasoline surplus expands by most since December: EIA
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Oil slid lower after a U.S. government report showed a surprise increase in domestic crude stockpiles.
Futures dropped 1.2 percent in New York on Wednesday to the lowest level in almost two months. American crude inventories rose by 2.07 million barrels last week, confounding 12 of 13 analysts in a Bloomberg survey who were expecting supplies to decline. At the same time, gasoline stockpiles increased by the most since December as demand for the fuel weakened.