Oil Falls to 10-Month Low Under $87 a Barrel
Oil fell below $87 a barrel Thursday, capping its biggest monthly decline in more than three years following a Department of Energy report that showed crude supplies rose to a 22-year high, Bloomberg reported.
Crude futures fell $1.29 to finish the trading day at $86.53 a barrel on the New York Mercantile Exchange, the lowest Nymex closing price since Oct. 20, Bloomberg said.
The price plunged $18.34 in May, from the $104.93 closing price on April 30, according to Bloomberg Nymex figures.
DOE, meanwhile, reported Thursday that oil supplies rose by 2.2 million barrels last week to a 22-year high and more than the 1-million barrel gain forecast by analysts, Bloomberg reported.
Distillate inventories, while include diesel, fell by 1.7 million barrels for the week ended Saturday, while gasoline supplies fell by 800,000 barrels, DOE said in its weekly inventory report.
Diesel and gasoline prices have declined for the past seven and eight weeks, respectively.
