Crude Oil Price Retreats After Strong Inventory Report
fter several days of climbing toward the record high price set 12 days ago, crude oil futures dropped early Wednesday following a Department of Energy report showing higher-than-expected inventories last week, Bloomberg reported.
Benchmark light sweet crude oil futures fell more than $1 in intraday trading off Tuesday’s $74.61 closing price on the New York Mercantile Exchange, Bloomberg said.
Crude prices fell through most of last week from the $75.17 record set April 21, before rising in the last three trading days.
Both levels were expected to be flat or fall slightly, and crude inventories were at their highest level in six years, Bloomberg said.
Distillates, which include diesel, fell 1.1 million barrels, below analysts’ expectations of no change.
