Oil Falls to One-Month Low After U.S. Crude Stockpiles Surge - Bloomberg

Oil Falls to One-Month Low After U.S. Crude Stockpiles Surge - Bloomberg:

Oil slipped to the lowest level in nearly a month after expanding American stockpiles overshadowed tensions between the U.S. and Saudi Arabia over the disappearance of a prominent kingdom critic.

Futures fell 1.6 percent in New York. U.S. inventories rose 6.49 million barrels last week, according to government data released Wednesday, more than twice the amount forecast in a Bloomberg survey. Even as the disappearance of Jamal Khashoggi kept the market on edge, President Donald Trump cautioned against putting the entire U.S.-Saudi relationship at risk.

“It seems as if things have kind of calmed down” said Gene McGillian, manager of market research at Tradition Energy. “I think we’ve endured a correction in the market and concerns surrounding lost Iranian barrels will re-emerge and the market will stabilize.”