The Department of Energy reported Wednesday that US crude oil inventories rose by 4.1 million barrels last week to 309.3 million barrels, or 8 percent above year ago levels. The rise in US oil supplies coincided with evidence that the growth in oil demand in Asian region might be slowing.
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Oil Prices Down On US Report
Crude oil futures tumbled sharply Wednesday after US government data
Crude oil futures tumbled sharply Wednesday after US government data showed a larger-than-expected increase in US crude inventories.
On the New York Mercantile Exchange, light, sweet oil futures for May delivery fell as much as $2.22 to end at $53.81 a barrel.
On London's International Petroleum Exchange, the May Brent crude futures were down $1.55 to settle at $53.04 per barrel.
The Department of Energy reported Wednesday that US crude oil inventories rose by 4.1 million barrels last week to 309.3 million barrels, or 8 percent above year ago levels. The rise in US oil supplies coincided with evidence that the growth in oil demand in Asian region might be slowing.
The Department of Energy reported Wednesday that US crude oil inventories rose by 4.1 million barrels last week to 309.3 million barrels, or 8 percent above year ago levels. The rise in US oil supplies coincided with evidence that the growth in oil demand in Asian region might be slowing.
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