Oil Falls to Six-Week Low $92 a Barrel
Oil fell to a six-week low just under $92 a barrel Wednesday following a Department of Energy report that showed supplies spiked last week, Bloomberg reported.
Crude futures fell $3.31 to $91.98 a barrel on the New York Mercantile Exchange, the lowest closing price since Aug. 3, Bloomberg said.
After finishing Friday at a four-month high $99 a barrel, oil fell to below $96 on Monday and less than $95 on Tuesday, before Wednesday’s decline.
The Department of Energy reported Wednesday that oil inventories rose by 8.5 million barrels last week, topping analysts’ estimates of a 1 million barrel increase, Bloomberg reported.
Gasoline stockpiles fell by 1.4 million barrels and distillates, which include diesel, fell by 300,000 barrels for the week ended Saturday, DOE said in its weekly report.
Analysts had forecast a 1 million barrel gain in gasoline supplies and a 1 million barrel decline in distillates, Bloomberg said.
Diesel and gasoline pump prices have each risen for the past 11 weeks, according to DOE’s weekly filling-station surveys.
