US commercial crude inventories rose last week by 3.4 million barrels, bringing supplies to about 8 per cent above last year, as refineries slowed for seasonal maintenance, the Energy Information Administration reported late on Wednesday.
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Fuel Stocks OK, Oil Dropped
Oil prices dropped on Thursday after a bigger-than-expected rise
Oil prices dropped on Thursday after a bigger-than-expected rise in US fuel inventories reported by the US government.
US oil futures fell 75 cents to $46.80 a barrel on the New York Mercantile Exchange. London Brent crude futures eased 61 cents to $44.10 on the International Petroleum Exchange.
US commercial crude inventories rose last week by 3.4 million barrels, bringing supplies to about 8 per cent above last year, as refineries slowed for seasonal maintenance, the Energy Information Administration reported late on Wednesday.
Winter heating oil stocks fell by 500,000 barrels, but their deficit compared with a year ago narrowed to just 4 per cent as the first half of the Northern Hemisphere winter proved milder than usual.
US commercial crude inventories rose last week by 3.4 million barrels, bringing supplies to about 8 per cent above last year, as refineries slowed for seasonal maintenance, the Energy Information Administration reported late on Wednesday.
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