Oil Drops on Unexpected Inventory Increase

Oil fell for the first time in three days as U.S. inventories gained and borrowing costs in France rose, adding to concern that Europe will struggle to contain the debt crisis.

Prices dropped as much as 1.2 percent after the Energy Department said supplies (DOESCRUD) rose 2.21 million barrels last week. Inventories were forecast to decline 1 million barrels in a Bloomberg News survey. Oil traded above $100 for a third day on concern that sanctions against Iran will curb supplies.

“This was clearly a bearish report and this shows the U.S. market is very well supplied,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “If we don’t trend lower on data like these, it is because the market is largely focused elsewhere, issues like Iran.”

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- Posted: 2012-01-05 12:13:41

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