Oil down after surprise jump in US crude stocks
Oil prices are falling after the government reported a surprise jump in U.S. crude stockpiles.
By Agencies |
NEW YORK: Oil prices are falling after the government reported a surprise jump in U.S. crude stockpiles.
The Energy Information Administration said Wednesday that crude inventories rose by 4.3 mn barrels to 294.5 mn barrels for the week ending Sept. 26. Analysts had expected crude stocks to rise or fall by 1.5 mn barrels, according to a survey by energy research firm Platts.
Investors viewed the large increase in supplies as more evidence that an economic slowdown is curbing domestic demand for energy.
Light, sweet crude for November delivery was down $3.55 at $97.09 on the New York Mercantile Exchange.
The Energy Information Administration said Wednesday that crude inventories rose by 4.3 mn barrels to 294.5 mn barrels for the week ending Sept. 26. Analysts had expected crude stocks to rise or fall by 1.5 mn barrels, according to a survey by energy research firm Platts.
Investors viewed the large increase in supplies as more evidence that an economic slowdown is curbing domestic demand for energy.
Light, sweet crude for November delivery was down $3.55 at $97.09 on the New York Mercantile Exchange.
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