Oil Edges Lower After Biggest U.S. Supply Build in Three Weeks
- Crude inventories in U.S. rose 1.02 mln barrels last week: EIA
- U.S. announced 50 million barrels of stockpiles to be utilized
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Oil edged slightly lower a day after U.S. stockpiles rose and the day after the announcement of a coordinated release crude from strategic reserves.
Futures in New York closed down 0.1%. A government report showed U.S. stockpiles increased 1.02 million barrels last week. The White House announced on Tuesday a release of 50 million barrels from its reserves in coordination with the U.S., China, Japan, India, the U.K., and South Korea.