Oil Slips as Growth in US Supplies Feeds Into Market Anxieties
Oil prices dipped as an unexpectedly high jump in U.S. crude supplies unnerved a market already worried about weakening global demand.
After holding steady for much of the day, futures slipped almost 0.5% in New York after the Energy Information Administration said domestic stockpiles climbed by 2.8 million barrels last week. The figure topped both analyst and industry estimates.
West Texas Intermediate for May delivery dropped 27 cents to $59.67 a barrel on the New York Mercantile Exchange on March 27. Prices started the session just below $60, as industry data indicating an increase in U.S. supplies countered assurances from Russia that it is cutting output as promised.
