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Jun 05, 2019
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Oil prices drop as inventories grow

Oil prices drop as inventories grow

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. 

Related Ticker: OIL

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Allana's AvatarAllana|Expert

Financial analyst and market blogger with expertise in equity research, fundamental analysis, and macroeconomic trends. I regularly publish coverage on individual stocks, ETFs, and sector developments — combining rigorous financial analysis with clear, engaging writing for a broad investment audience.

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