Oil Tumbles on Steep Build in Supplies
July 28, 2010 22:21
Oil fell more than $1 a barrel Wednesday after much larger-than expected build in supplies last week sent crude tumbling.
According to a government report from the Energy Information Administration (EIA), crude oil inventories for the week prior gained by 7.3 million barrels. Analysts had anticipated a drop, particularly on the anticipated effect on oil production from Tropical Storm Bonnie.
The government report followed numbers from a private industry group Tuesday, which said U.S. crude inventories also jumped, by 3.1 million barrels, compared to a forecasted decline of 1.6 million barrels.
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