By Grant Smith May 5 (Bloomberg) -- Crude oil traded little changed beforea U.S. government report forecast to show that crude inventoriesclimbed from the highest level since September 1990.
Crude oil stockpiles increased 2.55 million barrels in theweek ended May 1 from 374.7 million the previous week, accordingto the median of six estimates by analysts before an EnergyDepartment report tomorrow. “It weighs on prices when you have this amount ofinventories weighing on the market,” Ed Morse , head of economicresearch at LCM Commodities LLC, said in Doha, where he wasattending a conference. “Commercial inventories are expected tocontinue to build through the second quarter.” Crude oil for June delivery was at $54.25 a barrel, down 22cents, at 10:46 a.m. London time in electronic trading on theNew York Mercantile Exchange, after declining as much as 77cents, or 1.4 percent, to $53.70 a barrel. Oil is up 21 percentthis year.
Full Story: Crude Oil Falls on Speculation US Stockpiles Have Increased - Bloomberg
Crude oil stockpiles increased 2.55 million barrels in theweek ended May 1 from 374.7 million the previous week, accordingto the median of six estimates by analysts before an EnergyDepartment report tomorrow. “It weighs on prices when you have this amount ofinventories weighing on the market,” Ed Morse , head of economicresearch at LCM Commodities LLC, said in Doha, where he wasattending a conference. “Commercial inventories are expected tocontinue to build through the second quarter.” Crude oil for June delivery was at $54.25 a barrel, down 22cents, at 10:46 a.m. London time in electronic trading on theNew York Mercantile Exchange, after declining as much as 77cents, or 1.4 percent, to $53.70 a barrel. Oil is up 21 percentthis year.
Full Story: Crude Oil Falls on Speculation US Stockpiles Have Increased - Bloomberg
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