RTTN: Crude Oil Plunges Near $50 After U.S. Inventories Shock
Crude oil prices tumbled back near $50 a barrel Thursday morning after industry data showed a staggering build in U.S. oil inventories.
U.S. crude-oil supplies for the week ending February 13 jumped 14.3 million-barrel from a week earlier, the trade group reported.
Official figure from the U.S. Energy Information Administration are due at 11 a.m. Eastern time this morning.
A stronger dollar and lingering concerns about the health of the global economy also hit oil prices. Fairly dovish Federal Reserve minutes failed to provide much support.
U.S. crude for March dropped 4 percent to $50.05 a barrel. Oil remains well off 6-year lows near $44 from a few weeks ago.
Gas prices have rising 22 straight days, with the average U.S. gallon of gas costing $2.26, according to driver group AAA.
