Larger than expected rise in inventories in the past week, crude falls

19-Oct-12

The US Department of Energy reported an increase by 2.86 mln barrels in crude stockpiles in the week ending October 12, a gain more than twice as large as analysts expected. Data from USA shows a larger than expected rise in crude inventories in the past week. This amid an uncertain economy has pulled down oil prices. New York's main contract, light sweet crude for delivery in November dipped to US$92, while Brent North Sea crude for December retreated to US$113.20.