Oil Falls to Below $66 a Barrel
Crude oil fell more than $5 to below $66 a barrel Wednesday following an Energy Department report that showed an unexpected increase in gasoline inventories last week, Bloomberg reported.
Crude fell $5.23 to close at $65.30 a barrel on the New York Mercantile Exchange, Bloomberg said.
DOE reported gasoline supplies rose 1.1 million barrels for the week ended Saturday, in contrast to a 650,000-barrel drop forecast by economists, Bloomberg reported.
Crude and distillates, which include diesel, also rose last week, DOE said. Oil rose 50,000 barrels, while distillates gained 1.2 million barrels.
Meanwhile, OPEC said it would cut production between October and January by about 1.1 million barrels per day — 400,000 less than a previous pledge, Bloomberg reported, citing DOE data.
