Oil fell to the lowest in a week after U.S. crude stockpiles topped half a billion barrels and the International Energy Agency said global supplies are plentiful.
Futures in New York slipped 0.3% on Wednesday, closing out the longest stretch of declines in more than six months. A U.S. government report showed domestic oil supplies rose for a fourth straight week. Further adding to downbeat sentiment, the IEA said that oil markets are not on the verge of a new price supercycle and any concerns of a supply shortfall are misguided.
