Oil Drops as US Stockpiles Biggest in More Than 20 Years

Crude oil dropped, posting the biggest loss this year, as US inventories surged. US stockpiles of crude advanced 2.7 million barrels to 388.6 million last week. It was the highest level since 1990.

Worse-than-expected macroeconomic indicators added to woes of crude. The employment report from Automatic Data Processing showed smaller growth than was expected and the service industry expanded slower than market participants have hoped for. The poor data diminished prospects for fuel demand, hurting oil.

Futures for delivery of crude oil (WTI) in May dropped as much as $2.74 to $94.45 per barrel on NYMEX, the weakest settlement since March 22nd. Brent crude demonstrated even bigger drop, falling $3.58 to $107.11 per barrel on ICE, the lowest close since December 7th and the biggest slump since November 7th.

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