Oil Falls Below $69 Following DOE Report
Oil fell more than $1 to below $69 a barrel Wednesday following a Department of Energy report that showed retail fuel supplies rose last week, Bloomberg reported.
Supplies of both gasoline and distillates, which include diesel, rose for the week ended Saturday, DOE said in its weekly report.
Gas stockpiles rose 3.9 million barrels and distillates gained 2.1 million barrels, DOE said, though crude inventories declined 3.9 million barrels.
The gas increase was well above analysts’ forecasts of a 1 million barrel gain, while oil supplies were forecast to drop 950,000 barrels, Bloomberg reported.
Oil was trading at $68.72 following the report, after closing at $69.24 Tuesday on the New York Mercantile Exchange.
Crude futures closed below $67 on the Nymex Monday, the lowest price in almost a month.
