Updated on
Summary The price of oil fell after the US reported an unexpectedly large increase in crude stockpiles.
Oil supplies grew last week by 5.9 million barrels, or 1.6 percent, the Energy Department said. At 375.1 million barrels, the U.S. oil inventory is 11.1 percent above year-ago levels. Analysts expected a much smaller increase.Benchmark oil fell 94 cents, or about 1 percent, to finish at $85.73 per barrel in New York. The price has dropped almost 7 percent since closing Thursday at $92.10.Brent crude fell 40 cents to end at $107.85 per barrel in London.Jim Ritterbusch of Ritterbusch and Associates said the oil market may be looking forward to Fridays initial estimate of U.S. third-quarter gross domestic product. Any additional indications of weakening in the worlds largest economy could force further liquidation out of the oil space, he said.
