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Oil Slumps With Rising U.S. Supplies Adding to Demand Worries

Domestic crude stockpiles rose 501,000 barrels last week
U.S. Gulf shuts 80% of oil output ahead of Hurricane Delta

U.S. Oil Industry Prioritizes Output Over Debt — Photographer: Angus Mordant/Bloomberg

By

Andres Guerra Luz

October 6, 2020, 10:34 PM UTCUpdated onOctober 7, 2020, 7:51 PM UTC

Oil declined after a U.S. government report showed an expansion in crude stockpiles during a time when fiscal relief from Washington remains up in the air.

Futures in New York dropped 1.8% on Wednesday. U.S. crude stockpiles increased 501,000 barrels last week, while supplies at the nation’s biggest storage hub at Cushing, Oklahoma, climbed to the highest level since May, according to Energy Information Administration data.