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- Oil fell to 6-week low
Oil fell to 6-week low
West Texas
Intermediate oil in
Futures
dropped as much as 2.7 percent after the Energy Information Administration said
that stockpiles climbed 4.14 million barrels last week to 376.4 million. A 2
million barrel gain was projected, according to a Bloomberg survey. Production
jumped to the most in more than 20 years. Markets also fell after the Federal
Reserve signaled it may consider slowing the pace of asset purchases, according
to minutes of the Jan. 29-30 meeting, released yesterday.
Several Fed
policy makers said the central bank should be ready to vary the pace of its $85
billion in monthly bond purchases, according to the minutes released late
yesterday. The debt buying, known as quantitative easing, aim to keep long-term
rates low and support economic growth.
WTI oil for
April delivery dropped to $92.63 a
barrel, the lowest level since Jan. 7 on the New York Mercantile Exchange.
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