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Oil futures fell 3.4% to $51.68 a barrel, the lowest close since January, after an unexpected 6.8 million barrel rise in US commercial crude stocks. Crude imports rose by more than 1 million barrels per day, and analysts had expected a drawdown.
Brent also fell to its lowest level since mid-January.
A large inventory build points to weaker energy demand and pressures fuel-linked costs, including biofuel and freight economics. Lower crude can also reduce demand for soybean oil as a biofuel feedstock.
cnbc.comTom DiChristopherJun 5, 2019After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
