NEW YORK: Oil fell to its lowest in a month as ballooning US crude stockpiles and higher-than-expected Russian production offset worries about a supply squeeze. WTI crude for June delivery sank as low as $61.65 a barrel on the New York Mercantile Exchange, its lowest level since April 1. American crude stockpiles jumped by almost 10 million barrels to 471 million last week, the highest since 2017, the Energy Information Administration said on Wednesday. Analysts surveyed by Bloomberg had forecast an increase of just 1.75 million barrels. Production rose to 12.3 million barrels a day.

Source: Mint May 02, 2019 14:48 UTC