Oil Extends Decline as US Crude, Gasoline Stockpiles Rise
Oil tumbled to the lowest intraday level in four weeks June 7, as U.S. industry data showed an unexpected increase in crude inventories. Gasoline stockpiles also rose.
Futures fell as much as 4.5% in New York. Crude supplies rose by 3.3 million barrels the week ended June 3, the Energy Information Administration reported June 7. 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 June 6 after declining 2% 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%, to $50.12 on June 6.
