Oil prices fell below $49 a barrel Wednesday, after government?s report about a much-larger-than expected build in U.S. inventories of crude oil. This price was the lowest in the last month.
U.S. commercial inventories of crude oil increased by 6.3 million barrels, nearly three times as much as analysts had expected, to 289.7 million barrels last week, after oil imports increased and Gulf of Mexico production recovered, the federal Energy Information Administration reported.
Distillate stocks, which include heating oil and diesel fuel, declined by an unexpected 900,000 barrels to 115.7 million barrels, their seventh consecutive weekly draw, according to the data.
Distillate stocks have declined by nearly 13 million barrels since early September and are below the average range for this time of year, as refiners have been busy with seasonal maintenance. But the declines are hoped to end once units come back on line.
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US Inventories Swelled, Oil Price Tumbled
Oil prices fell below $49 a barrel Wednesday, after government's report about...