Oil dives 5 pct on surprise build in U.S. crude, gasoline stocks

Oil dives 5 pct on surprise build in U.S. crude, gasoline stocks

Oil prices slid 5 percent on Wednesday to a one-month low, after an unexpected increase in U.S. inventories of crude and gasoline fanned fears that output cuts by major world oil producers have not done much to drain a global glut.

Crude stocks in the United States grew 3.3 million barrels to 513 million barrels, according to the U.S. Energy Information Administration (EIA). That confounded forecasters who had predicted a drop of 3.5 million barrels, especially a day after data from the American Petroleum Institute indicated an even bigger fall. Read More…

 

 

 

Credit By: Reuters

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