Crude Falls As Stocks Rise
Crude oil futures fell to a 22-month low after a U.S. government report showed that inventories climbed more than forecast as fuel demand dropped.
Supplies rose 1.6 million barrels to 313.5 million barrels last week, the Energy Department said. Stockpiles were forecast to rise by only 1 million barrels.
U.S. fuel demand during the past four weeks averaged 19.1 million barrels a day, down 7 percent from a year ago.
Crude oil for December delivery fell 77 cents to close at $53.62 a barrel at 2:41 p.m. on the New York Mercantile Exchange, the lowest settlement since Jan. 22, 2007. Futures have dropped 64 percent since reaching a record $147.27 on July 11.
Supplies rose 1.6 million barrels to 313.5 million barrels last week, the Energy Department said. Stockpiles were forecast to rise by only 1 million barrels.
U.S. fuel demand during the past four weeks averaged 19.1 million barrels a day, down 7 percent from a year ago.
Crude oil for December delivery fell 77 cents to close at $53.62 a barrel at 2:41 p.m. on the New York Mercantile Exchange, the lowest settlement since Jan. 22, 2007. Futures have dropped 64 percent since reaching a record $147.27 on July 11.