Oil Falls on US Inventory Increase

Bloomberg reported that West Texas Intermediate oil dropped for the fourth time in 5 days after data showed an increase in US inventories, higher than last week’s forecast.

As quoted in the market news:

Prices dropped 0.4 percent after the Energy Information Administration said supplies rose 3.83 million barrels, more than four times the 788,000-barrel median estimate in a Bloomberg survey of analysts.

Click here to read the full Bloomberg report.