Oil Falls as U.S. Supplies Surge

Oil tumbled after the Energy Department said U.S. stockpiles surged the most since 2008 as U.S. crude output climbed to the highest level in 12 years.

Futures fell to a six-week low as inventories rose 9.01 million barrels to 362.4 million last week, the most since June. Production gained 2.9 percent to 6.05 million barrels a day. Oil also decreased after the Federal Reserve signaled it may refrain from more monetary stimulus.

“U.S. inventories are obviously more than ample,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $1.3 billion. “U.S. production keeps increasing. This proves that when prices rise high enough producers are going to find new ways to bring supply to market.”

Read Full Article from BusinessWeek

- Posted: 2012-04-04 12:37:10

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