Oil Down On Big Jumps In US Crude, Gas Supplies

NEW YORK (AP) - Oil prices have tumbled below $70 a barrel after the government reported bigger-than-expected jumps in U.S. crude and gasoline inventories. Investors took the news as more evidence that an economic slowdown is curbing demand for energy.

In its weekly report, the Energy Information Administration says crude stocks rose by 5.6 million barrels last week, well above the 3.1 million barrel increase expected by analysts surveyed by energy research firm Platts.

The EIA also says gasoline stock rose by 7 million barrels last week, more than double the build analysts had expected.

Light, sweet crude for November delivery was down $4.61 to $69.93 a barrel on the New York Mercantile Exchange, crude's lowest trading level in nearly 14 months.

Oil prices have now dropped by more than 50 percent since peaking at $147.27 on July 11.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 31106279 - wkyt.com/a?a=31106279
Gray Television, Inc.