Oil Extends Drop After U.S. Supplies Increase to 22-Year High [View all]
By Mark Shenk on May 23, 2012
Crude oil futures extended declines after the U.S. Energy Department said stockpiles rose to a 22- year high.
Supplies climbed 883,000 barrels to 382.5 million barrels. Inventories were forecast to gain 1.65 million barrels, according to the median of 12 analyst estimates in a Bloomberg News survey.
Gasoline inventories fell 3.3 million barrels to 201 million last week, the Energy Department said today. Stockpiles were forecast to slip 650,000 barrels, according to the median of 12 analyst estimates in a Bloomberg News survey.
Distillate supplies, which include heating oil and diesel, fell 309,000 barrels to 119.5 million. Stockpiles were estimated to decrease 500,000 barrels.