Oil Falls After U.S. Stockpiles Swell for Fourth Straight Week

WTI crude futures post biggest decline in two months
Domestic crude inventories jump by 6.49 million barrels: EIA

Vivek Dhar of Commonwealth Bank of Australia talks about oil and the tensions between the U.S. and Saudi Arabia.(Source: Bloomberg)

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By Jessica Summers

October 17, 2018 at 2:06 AM UTC

Updated on

October 17, 2018 at 7:25 PM UTC

This article is for subscribers only.

Oil posted the biggest decline in two months after U.S. government data showed expanding crude stockpiles.

Futures fell 3 percent in New York on Wednesday. Domestic crude inventories rose by more than twice the rate forecast by analysts last week, according to the Energy Information Administration. Stored supplies have been growing for four weeks, the longest streak of gains since early 2017. Stockpiles also swelled at the nation’s key storage hub in Oklahoma to the highest since June.