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Oil Snaps Longest Gain in a Month on Signs U.S. Supplies Rose

Oil Snaps Longest Gain in a Month on Signs U.S. Supplies Rose

Oil in New York and London tumbled into a bear market last week on concerns that rising global supply will counter output cuts from the Organization of Petroleum Exporting Countries and its partners. U.S. crude inventories remain stubbornly high, more than 100 million barrels above the five-year seasonal average, according to data from the Energy Information Administration.

“It has become obvious by now that the current OPEC plan is not working, or at least has not been working in the first half of the year,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. in London. “Bears will probably become the more dominant factor again” if the API stockpile figures are repeated by U.S. government data.

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