Oil Tumbles After US Fuel Stockpiles Unexpectedly Increase
"The market has gone from hugely oversupplied to roughly balanced," said Michael Wittner, the New York-based head of oil-market research at Societe Generale SA. "We have massive crude inventories to work through, which will take a lot of time."
Oil-Market News:
Oil traders increased the fleet of ships deployed in the North Sea to store crude, the latest sign of faltering demand that has triggered the biggest build up of stockpiles at sea since 2009. Libya’s government of national unity is working to reopen four of the country’s biggest oil ports after securing a deal to unify the fractured state energy company. Nigerian oil union Pengassan suspended a strike, Emmanuel Ojugbana, a spokesman for the union, said by phone Wednesday from Abuja.
To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Carlos Caminada, Debarati Roy
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