Accessibility links

Breaking News

Oil Prices Drop as Inventories Rise to Six-Year High

Crude oil prices are down more than $1 in New York after a U.S. government report showed inventories rose to the highest level in six years.

Crude oil for June delivery is down $1.17, to $50.90 a barrel in New York Wednesday afternoon.

The U.S. Energy Department says supplies climbed 2.7 million barrels last week - more than twice what analysts were expecting.

In London, Brent crude oil for June delivery fell 87 cents, to $50.56 a barrel on the International Petroleum Exchange.

The International Energy Agency says oil demand around the world is lower due to an economic slowdown in China, Europe and the United States in the first quarter.

Some information for this report provided by Bloomberg and Reuters.