OIL FUTURES: Crude Unravels After US Stockpiles Rise - Wall Street Journal

(Adds Brent settlement price) NEW YORK (Dow Jones)--Crude oil hit a wall Wednesday, falling more than $2 a barrel on an unequivocally bearish report on U.S. petroleum stockpiles.

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Light, sweet crude for July delivery dropped $2.43, or 3.5%, to settle at $66.12 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange settled $2.29 lower at $65.88 a barrel. Nymex crude has risen sharply since mid-April, cresting above $69 a barrel before closing flat Tuesday. But questions have dogged the rally, as demand looked tepid and millions of barrels of unused oil sat in storage. ...

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