Oil prices continue to drop with an unexpected gain in U.S. inventories. U.S. crude inventories rose unexpectedly last week, while gasoline and distillate stockpiles built-up more than expected, data from the American Petroleum Institute showed on Tuesday.
Crude stocks rose by 3.5 million barrels in the week to May 31 to 478 million barrels, compared with analysts’ expectations for a decrease of 849,000 barrels. Crude oil prices are now flirting into bear market territory.