Oil Extends Decline as U.S. Crude, Gasoline Stockpiles Rise
(Bloomberg) -- Oil tumbled to the lowest intraday level in four weeks, as U.S. industry data showed an unexpected increase in crude inventories. Gasoline stockpiles also rose.
Futures fell as much as 4.5 percent in New York. Crude supplies rose by 3.3 million barrels last week, the Energy Information Administration reported Wednesday. Gasoline inventories rose 3.32 million barrels.
West Texas Intermediate for July delivery slid $2.07 to $46.12 a barrel on the New York Mercantile Exchange at 10:37 a.m. in New York. Prices rose 79 cents to close at $48.19 Tuesday after declining 2 percent the previous two sessions.
Brent for August settlement was $1.77 lower at $48.35 a barrel on the London-based ICE Futures Europe exchange. Prices climbed 65 cents, or 1.3 percent, to $50.12 on Tuesday.
To contact the reporter on this story: Meenal Vamburkar in New York at mvamburkar@bloomberg.net.
To contact the editors responsible for this story: Reg Gale at rgale5@bloomberg.net, Susan Warren, Jim Efstathiou Jr.
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