Oil tumbles 2 percent after unexpected U.S. crude, gasoline stock build
Reuters
Published Jul 27, 2016 11:10AM ET
Oil tumbles 2 percent after unexpected U.S. crude, gasoline stock build
By Barani Krishnan
NEW YORK (Reuters) - Oil prices tumbled more than 2 percent on Wednesday, hitting a two-month low, after the U.S. government reported a surprise build in crude and gasoline inventories during the peak summer driving season.
The U.S. Energy Information Administration said domestic crude stockpiles rose 1.7 million barrels, against analysts' forecasts for a drawdown of 2.3 million barrels. [EIA/S[
Brent (LCOc1) was down $1.03, or 2.4 percent, at $43.83 a barrel by 11:04 a.m. EDT (1504 GMT) after hitting $43.62 earlier, its lowest since May 10.
WTI crude (CLc1) fell 90 cents, or 2 percent, to $42.02 a barrel. It slid earlier to $41.93, its lowest since April 20.
"A drop in refinery runs at the peak of summer driving season indicate refiners are dialing back amid faltering profit margins," said Matt Smith, analyst at New York-based oil cargoes tracker Clipperdata.
Refinery crude runs
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