BLBG:Oil Falls a Sixth Day as Stockpiles Gain, Al-Naimi Sees Surplus
Crude for June delivery fell as much as 46 cents, or 0.5 percent, to $96.55 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.57 at 12:16 p.m. Sydney time. Prices declined for a sixth day.
U.S. crude stockpiles increased 7.8 million barrels last week to 378 million, the highest level since August 1990, data from the American Petroleum Institute showed. The crude market has a surplus of supply, Saudi Arabia’s Oil Minister Ali al- Naimi said in Tokyo.
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