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- Oil drops from five-week high
Oil drops from five-week high
Oil fell after the U.S. Energy Department reported that inventories surged to the highest level in more than 21 years and production and imports climbed.
Supplies rose 2.84 million barrels to 375.9 million last week, the most since September 1990, the department said. Output increased 8,000 barrels a day to 6.12 million, the highest level since November 1999. Imports increased for a third week. Prices also dropped on reports showing that U.S. employers added fewer jobs than forecast in April and as factory decreased in March.
Employment increased by 119,000 in April following a revised 201,000 gain the prior month, according to figures from Roseland, New Jersey-based ADP Employer Services. The median forecast of economists called for a 170,000 advance.
Orders with U.S. factories fell 1.5 percent in March after a revised 1.1 percent gain the prior month, figures from the Commerce Department showed today in Washington. The median projection of 61 economists called for a 1.6 percent decline.
Crude oil for June delivery slid to $104.91 a barrel on the New York Mercantile Exchange. Brent oil for June settlement retreated $1.64, or 1.4 percent, to $118.02 a barrel on the London-based ICE Futures Europe exchange.
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