Oil Falls on Inventory Increase

- October 24th, 2012

The Wall Street Journal reported that the news that United States crude stockpiles rose to 375 million barrels last week — the largest recorded increase for this time of year — brought US crude futures a three-month low.

The Wall Street Journal reported that the news that United States crude stockpiles rose to 375 million barrels last week — the largest recorded increase for this time of year — brought US crude futures a three-month low.

As quoted in the market news:

Light, sweet crude for December delivery settled 94 cents, or 1.1%, lower at $85.73 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 40 cents lower at $107.85 a barrel.

Click here to read the full report from The Wall Street Journal.

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