Oil Drops to Two-Month Low Near $70 a Barrel
Oil prices fell almost $2 to a two-month low near $70 a barrel Wednesday, following a report that showed gasoline and diesel inventories improved, Bloomberg reported.
Crude futures fell $1.95 to close at $70.67 a barrel on the New York Mercantile Exchange, Bloomberg said.
Oil inventories fell 3.8 million barrels last week, the Department of Energy said Wednesday. Distillates, which include diesel, rose by 1.6 million barrels. and gasoline stockpiles gained 2.2 million barrels.
Refineries operated at 81.1% of capacity, up 1.4% from the previous week, DOE said in its weekly inventory report.
Oil prices have generally been falling in the past few months off a 12-month high of $81.37, set on Oct. 21.
