Crude Tumbles as U.S. Supplies Climb to 82-Year High
By Moming Zhou - May 1, 2013 1:21 PM ET
West Texas Intermediate crude tumbled as U.S. inventories reached an 82-year high amid signs of economic slowdown in the U.S. and China.
Futures headed for the biggest loss in almost six months after the Energy Information Administration said stockpiles jumped to 395.3 million barrels in the seven days to April 26, the most since the government began gathering weekly data in 1982. According to monthly data, they were last at this level in 1931. U.S. companies added fewer workers than forecast in April, and China’s manufacturing grew at a weaker pace, separate reports showed.
more:
http://www.bloomberg.com/news/2013-05-01/crude-declines-for-second-day-on-record-inventories.html
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