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Crude oil prices dropped Wednesday to the lowest price in three months after a government report showed an unexpected increased in
Stockpiles surged 5.15 million barrels to 347.8 million in the week ended July 24, the Energy Department said. It was the biggest weekly increase since April. Supplies were forecast to decline by 1.5 million barrels, according to the median of analyst estimates in a Bloomberg News survey.
Crude oil for September delivery fell $3.88, or 5.8 percent, to $63.35 a barrel at 2:42 p.m. on the New York Mercantile Exchange, the lowest settlement since July 16. It was the biggest one-day decline since April 20. Futures are up 42 percent this year and have dropped 57 percent from a record $147.27 reached on July 11, 2008.
Oil supplies are 9.5 percent higher than the five-year average for the period, the department said.
Intermediate crude oil is delivered, rose 1.31 million barrels to 32.1 million, the highest since March.
Crude-oil imports climbed 8.9 percent to 10 million barrels a day last week, the highest since January, the report showed. Refineries operated at 84.6 percent of capacity, down 1.5 percentage points from the prior week and the lowest since May.
Stockpiles of distillate fuel, a category that includes diesel and heating oil, rose 2.1 million barrels to 162.6 million, the seventh straight increase, the report showed. The gain left supplies at the highest level since January 1985. A 1 million-barrel gain was forecast.
Gasoline inventories slipped 2.32 million barrels to 213.1 million last week, the report showed. Total
Gasoline for August delivery declined 5.56 cents, or 2.9 percent, to settle at $1.855 a gallon in
Brent crude oil for September settlement on
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