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Oil Drops Below $69 Following Inventory Gains
Oil fell more than $2.50 to below $69 a barrel Wednesday following a Department of Energy report that showed inventories of crude, gasoline and distillate fuels all rose last week, Bloomberg reported.
DOE said Wednesday that distillate stockpiles, which include diesel, jumped by 3 million barrels last week.
Crude inventories rose by 2.9 million barrels and gasoline gained 5.4 million barrels for the week ended Saturday, DOE said in its weekly report.
Crude futures closed at $68.96 a barrel on the New York Mercantile Exchange, the lowest price in more than a week, down from Tuesday’s $71.55 closing price, Bloomberg said.
