Oil Drops on Report U.S. Crude, Fuel Inventories Rose Last Week

Crude oil fell, bringing its two-day drop to more than $3 a barrel in New York, as a government report showed U.S. oil and fuel inventories rose.

U.S. stocks of crude oil increased 1.1 million barrels in the week ended June 24, the Energy Department reported. Gasoline inventories were up 301,000 barrels. Analysts polled by Bloomberg forecast a decline of 1.38 million barrels of crude and 190,000 barrels of gasoline.

The increase “is undeniably bearish,” said Michael Fitzpatrick, vice president of risk management with Fimat USA in New York. “Some people were expecting a buildup in inventories, but not this much.”
Bloomberg