Oil Trades Near One-Week Low on Stockpile Gain, Reserves

29/03/2012 07:00 AST

Oil traded near the lowest close in almost a week in New York after U.S. inventories surged and Western countries discussed tapping emergency reserves.

West Texas Intermediate futures were little changed after falling 1.8 percent yesterday as an Energy Department report showed crude supplies rose the most since July 2010. The U.S. proposed a release from strategic reserves, French Industry Minister Eric Besson said. A White House official said no decision has been made. There is “no rational reason” for prices at current levels and Saudi Arabia would like to see them fall, the nation’s Oil Minister Ali al-Naimi said.

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