The Wall Street Journal reported that the news that United States crude stockpiles rose to 375 million barrels last week — the largest recorded increase for this time of year — brought US crude futures a three-month low.
Bloomberg reported that the US oil rig count declined by 11 to 1,402, the fourth drop in six weeks. Oil stockpiles are up 8.53 million barrels for a total of 367.6 million barrels.
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.
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