Crude Oil Drops to Below $66 a Barrel on Inventory Gains
he price of crude oil fell more than $1 a barrel Wednesday to close below $66 a barrel, just three trading days after topping $68, following a positive report on oil, gasoline and distillate inventories, Bloomberg reported.
Benchmark light sweet crude oil futures fell $1.21 to $65.85 a barrel on the New York Mercantile Exchange, Bloomberg said.
Distillate inventories, which include diesel fuel and heating oil, rose 1.8 million barrels last week, the Department of Energy reported Wednesday. That was well above the 800,000-barrel gain predicted by analysts, Bloomberg reported.
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