Oil fell more than $2.50 Wednesday to finish the trading day at a seven-week low $101.47 a barrel, following a report that crude inventories took their biggest jump in four years, Bloomberg reported.
Crude futures fell $2.54 to finish the New York Mercantile Exchange trading day at $101.47 a barrel, the lowest settlement price since Valentine’s Day.
That followed a $1.22 decline on Tuesday, to $104.01, Bloomberg said.
Oil inventories jumped by 9 million barrels last week — the biggest increase since 2008 — to 362.4 million barrels, the highest since June, the Department of Energy said Wednesday.
The increase topped analysts’ forecasts of a 2.5-million barrel gain, Bloomberg reported.
Crude output rose 2.9% to 6.1 million barrels per day, the most since 1999, Bloomberg said, citing DOE figures.