On Wednesday, the Department of Energy said US inventories of crude oil rose by 3.6 million barrels to 320.7 million barrels last week, or 8.7 percent above year ago levels. Gasoline supplies grew by 800,000 barrels to 213.1 million barrels, or 5.8 percent above year ago levels.
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Crude Oil Plunged On US Govt Report
Crude oil futures dropped sharply Wednesday
Crude oil futures dropped sharply Wednesday after the US government released an upbeat crude supply report.
On the New York Mercantile Exchange, light, sweet oil futures for May delivery fell $1.64 to end at $50.22 per barrel. It was the lowest closing price since February 18, when prices settled at $448.35 per barrel.
Meanwhile, the May Brent crude futures contract dropped $1.50 to end at $50.48 a barrel on IPE in London.
On Wednesday, the Department of Energy said US inventories of crude oil rose by 3.6 million barrels to 320.7 million barrels last week, or 8.7 percent above year ago levels. Gasoline supplies grew by 800,000 barrels to 213.1 million barrels, or 5.8 percent above year ago levels.
On Wednesday, the Department of Energy said US inventories of crude oil rose by 3.6 million barrels to 320.7 million barrels last week, or 8.7 percent above year ago levels. Gasoline supplies grew by 800,000 barrels to 213.1 million barrels, or 5.8 percent above year ago levels.
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