(Bloomberg) -- Crude oil in New York fell after a
government report showed that supplies in Cushing, Oklahoma, the
delivery point for Nymex futures, jumped last week.
Inventories at Cushing rose 899,000 barrels to 27.36 million
barrels, the Energy Department reported yesterday. Refinery fires
and power outages have cut demand for West Texas Intermediate
oil, the U.S. benchmark grade. Brent oil, produced in the North
Sea, rose because of threats to supply from Nigeria and Iran.
Brent has averaged more than $1 cheaper than WTI since 1990.
Read more at Bloomberg Energy News
government report showed that supplies in Cushing, Oklahoma, the
delivery point for Nymex futures, jumped last week.
Inventories at Cushing rose 899,000 barrels to 27.36 million
barrels, the Energy Department reported yesterday. Refinery fires
and power outages have cut demand for West Texas Intermediate
oil, the U.S. benchmark grade. Brent oil, produced in the North
Sea, rose because of threats to supply from Nigeria and Iran.
Brent has averaged more than $1 cheaper than WTI since 1990.
Read more at Bloomberg Energy News
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