Crude oil prices fell Wednesday after the Energy Information Adminstration reported a massive increase in crude oil stockpiles.
The EIA said U.S. oil inventories jumped 5.8 million barrels, versus expectations of a 2 million barrel drawdown. Gasoline stockpiles also rose according to the EIA, hinting that U.S. drivers are resisting $3/gal at the pump.
Yesterday, industry group the American Petroleum Institute reported that U.S. crude supplies fell by 1.3 million barrels for the week ended May 1. The API data, however, showed an unexpected rise of 980,000 barrels in gasoline stockpiles.
Meanwhile, OPEC may ease oil supply retraints in June, according to Reuters. OPEC ministers will be on hand in Russia for key energy conference to discuss the issue.
WTI light sweet oil for July lost 36 cents, or 0.5%, to settle at $71.84/bbl.
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