Oil Falls to Two-Week Low Under $109
Oil fell more than $2 Wednesday to a two-week low under $109 a barrel following a report that showed crude supplies reached a six-month high last week, Bloomberg reported.
Crude futures fell to $108.98 per barrel on the New York Mercantile Exchange following release of the Department of Energy’s weekly report that showed oil inventories rose 3.4 million barrels for the week ended Saturday.
The increase in crude stockpiles topped economists’ estimates of a 2 million barrel gain and left oil supplies at their highest since October, Bloomberg said.
Distillate inventories, which include diesel, fell by 1.4 million barrels last week, while gasoline supplies slipped 1.1 million barrels, DOE said.
Friday and Monday’s closing oil prices of over $113 per barrel were the first time since September 2008 that futures had closed above that level, Bloomberg reported.
