Oil Drops on 30 Year High Supplies

West Texas Intermediate oil dropped after a government report showed inventories of crude, gasoline and diesel increased last week.
Futures slipped after the Energy Information Administration said that stockpiles climbed 18,000 barrels to 394.1 million. Supplies surged to 397.6 million on May 24, the highest level since 1931. The report was projected to show a 1.75 million-barrel decline, according to the median of 12 analyst responses in a Bloomberg survey. Gasoline and diesel inventories added a total of more than 5 million barrels.
WTI crude for August delivery fell $1.45, or 1.5 percent, to $93.87 a barrel at 10:41 a.m. on the New York Mercantile Exchange. The contract traded at $95.10 before the release of the EIA report at 10:30 a.m. in Washington. The volume of all futures traded was 1.5 percent below the 100-day average for this time of day.

via Bloomberg

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