Crude Oil Futures Dropped 1.6%

Bloomberg reported that crude oil futures dropped 1.6% after the U.S. Energy Department report showed increase in stockpiles.

As quoted in the market news:

Crude oil for July delivery fell $1.40, or 1.6 percent, to $86.42 a barrel at 11:06 a.m. on the New York Mercantile Exchange. Oil traded at $86.63 a barrel before release of the inventory report at 11 a.m.

Click here to read the full Bloomberg report.