Oil Slumps Most in a Month as Inventory Growth Worries Traders
- EIA data shows US stockpiles at highest since June 2021
- Fed comments that lifted equities fail to boost oil markets
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Oil prices fell the most in about a month as government data showed US crude inventories swelled to the highest levels since June 2021.
The Energy Information Administration’s report on Wednesday also showed increased inventories of products such as distillate — a precursor for diesel — despite relatively low refinery-utilization rates. The data provides a glum picture of current demand, said Bob Yawger, director of the futures division at Mizuho Securities USA.