Oil Price Slides
Oil slid after a government report showed a surprise increase in US crude stockpiles. Futures dropped as much as 1,7 percent in New York following the US Independence Day holiday. Inventories rose 1,25 million barrels last week, the first rise in four weeks, according to data from the Energy Information Administration. Analysts surveyed by Bloomberg had been expecting a median 5 million-barrel decrease. At this time of year, crude supplies usually decline amid strong demand from refiners.
West Texas Intermediate crude for August delivery fell 97 cents to $73,17 a barrel at 11:05 am on the New York Mercantile Exchange. There was no settlement Wednesday due to the US holiday.
Brent for September settlement slid 67 cents to $77,57 a barrel on the London-based ICE Futures Europe exchange. The global benchmark traded at a $6,69 premium to WTI for the same month. — Bloomberg.