Wednesday, May 9, 2007

Oil Falls After Report of Larger-Than-Expected U.S. Supply Gain Last Week

(Bloomberg) -- Crude oil fell after an Energy Department report showed larger-than-expected gains in U.S. oil and fuel inventories last week.

Crude-oil supplies surged 5.5 million barrels to 341.2 million barrels, leaving stockpiles the highest since June, the report showed. Gasoline inventories rose 372,000 barrels to 193.5 million barrels, the first gain in 13 weeks. Crude-oil supplies were expected to rise by 875,000 barrels and gasoline stockpiles by 150,000 barrels, according to a Bloomberg News survey.


Read more at Bloomberg Energy News

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