Oil Slips as Growth in U.S. Supplies Feeds Into Market Anxieties
- Crude stocks grew by 2.8 million barrels, topping estimates
- Exports cut as Houston chemical fire leads to shipping delays
Photographer: Martin Divisek/Bloomberg
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Oil slipped as an unexpectedly big jump in U.S. crude supplies unnerved a market already anxious about global demand.
Futures turned negative after the storage report on Wednesday, losing 0.9 percent in New York trading. The U.S. Energy Information Administration said crude stockpiles grew by 2.8 million barrels last week. The increase, which topped industry and analyst estimates, was blamed in part on a closure of the Houston Ship Channel that’s disrupted American exports.