Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Crude oil gained by approximately $3 on Wednesday after a weekly government report sparked concern about declining supplies. The Energy Department report showed: Crude supplies fell by 400,000 barrels for the week ended 8 August while gasoline supplies dropped by 6.4m. Distillates, used to make diesel fuel, declined by 1.7m barrels. For more information, click here
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