Oil extends decline as EIA report shows inventory increase

By David Marino on 8/24/2016

WASHINGTON, D.C. (Bloomberg) -- Oil extended its decline after a government report showed that U.S. crude stockpiles unexpectedly rose last week.

Crude inventories climbed by 2.5 MMbbl in the week ended Aug. 19, according to an Energy Information Administration report. A Bloomberg survey ahead of the data had forecast a decline of 850,000 bbl.

West Texas Intermediate for October delivery dropped $1, or 2.1%, to $47.10/bbl at 10:36 a.m. on the New York Mercantile Exchange. Brent for October settlement fell 67 cents to $49.29/bbl on the London-based ICE Futures Europe exchange.

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