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.
Articles Tagged "oil stockpiles"
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.