High US Crude Inventories Bring Oil Down

Bloomberg reported that oil fell to a six-week low on the US Energy Department’s announcement that crude inventories reached 8.53 million barrels last week, more than eight times higher than Bloomberg projected.

As quoted in the market news:

Crude oil for October delivery declined $3.31, or 3.5 percent, to $91.98 a barrel on the New York Mercantile Exchange, the lowest settlement since Aug. 3. It was the biggest drop since July 23. Futures are down 6.9 percent this year.

Brent oil for November settlement fell $3.84, or 3.4 percent, to $108.19 a barrel on the London-based ICE Futures Europe, the lowest close since Aug. 2.

Click here to read the full Bloomberg report.