Oil Drops $2 After DOE Cites Higher Inventories
Oil prices took their biggest one-day drop in six weeks Wednesday to near $66 a barrel following an Energy Department report that showed crude inventories improved last week, Bloomberg reported.
Crude futures declined $2.44 to close the trading day at $66.11 a barrel on the New York Mercantile Exchange after topping out at seven-month high of $68.58 on Monday, Bloomberg said.
Oil supplies rose 2.9 million barrels last week, though gasoline inventories fell 200,000 barrels, DOE said.
Distillate stockpiles, which include diesel, rose 1.7 million barrels for the week ended Saturday, DOE said in its weekly report.
Refinery utilization rose 1.2% to 86.3%, the highest level in six months, Bloomberg said.
