U.S. Oil Prices Hit Five-Month Low as Supplies Swell

Markets Reuters

U.S. crude oil futures extended losses by more than $1.00 to a five-month low after government data showed a much-larger-than-expected rise in U.S. oil stocks.

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Oil supplies grew by 2.6 million barrels, the eighth straight weekly rise, the U.S. Energy Information Administration said on Thursday. Stocks at U.S. storage hub in Cushing, Oklahoma, rose by 1.7 million barrels, confirming an earlier report.

U.S. crude oil futures traded to a five-month low of $92.51, and were last trading $1.20 lower at $92.68 at 11:12 a.m. EST (1612 GMT).

The contract's steep drop pushed its discount to global benchmark Brent <CL-LCO1=R> to a fresh seven-month low of $15.87. (Reporting By Jeanine Prezioso)