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Oil prices hit-month low on data

Staff Reporter | 6:35 AM | |
NEW York: The US oil glut is growing again, spurred by a sharp ramp up in production and threatening to put renewed pressure on crude prices.
US crude-oil stockpiles rose last week for the first time in nine weeks, according to a Wednesday report from the Energy Information Administration.
That unexpected increase comes on the heels of data released Tuesday showing that the nation’s oil producers ramped up output in April to the fastest pace since 1971.
The news sent oil prices skidding to their lowest level in two months.
These fresh signs of burgeoning crude supplies jeopardise the relative calm that has permeated oil markets in recent weeks. – Wall Street Journal