Wednesday August 5, 2020

Oil drops as supply rises to highest level in 21 years

Crude oil futures extended declines after the US Energy Department said stockpiles rose to the highest level in 21 years.

2nd May, 2012
Oil supplies increased 2.84 million barrels to 375.9 million.

Crude oil futures extended declines after the US Energy Department said stockpiles rose to the highest level in 21 years.

Supplies increased 2.84 million barrels to 375.9 million, the department said today. Crude oil for June delivery fell 83 cents, or 0.8 per cent, to $105.33 a barrel earlier in New York, according to a Bloomberg report.

Oil also fell after a report showed US employers added fewer jobs last month than forecast. Employment increased by 119,000 in April following a...

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