Oil Slides as U.S. Supplies Sound `Alarm Bells' for Traders - Bloomberg

Oil Slides as U.S. Supplies Sound `Alarm Bells' for Traders - Bloomberg:

Oil slid Wednesday as a report showed U.S. crude stockpiles swelled to their highest levels since 2017 while American production set a new record.

Futures in New York closed down 0.5 percent after the U.S. Energy Information Administration said oil inventories in the world’s largest economy rose by almost 10 million barrels last week, blowing by both analyst and industry estimates. Gasoline stocks also showed a surprise increase, undercutting signs of tightening supplies elsewhere.

Oil hit a six-month high last week as a U.S. vow to tighten sanctions on Iran amplified strife in Venezuela and production cuts by the rest of OPEC to pump less. Yet surging output in America -- now at an estimated 12.3 million barrels a day -- still threatens the rally.