Oil futures dropped back below $40 a barrel on Wednesday as data showed that U.S. crude supplies rose for a sixth straight week-and more than three times the amount the market expected. The Energy Information Administration said supplies rose 9.4 million barrels last week, while analysts polled by Platts expected a 2.7 million-barrel increase. May WTI crude fell $1.66, or 4%, to settle at $39.79 a barrel on the New York Mercantile Exchange.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News