Oil Falls to Eight-Month Low as U.S. Supplies Increase


21/06/2012 05:40 AST  Bloomberg
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Oil fell to the lowest price in eight months after crude stockpiles unexpectedly climbed to the highest level in 22 years in the U.S., the world’s biggest user of the commodity.

Futures slipped as much as 1.3 percent in New York after dropping 2.7 percent yesterday. Inventories increased 2.9 million barrels last week to 387 million, the most since July 1990, an Energy Department report showed. Supplies were forecast to shrink 1.3 million barrels, according to a Bloomberg News survey of analysts. Prices extended their decline after Federal Reserve policy makers lowered the outlook for U.S. economic growth and employment.

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