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Oil falls sharply as EIA inventories grow above expectations

FXStreet (Córdoba) - Oil retreated back below $49.00 a barrel and trimmed Wednesday’s advance after data showed US crude stockpiles increased more than expected last week.

US Department of Energy reported US crude oil inventories rose by 3.073 million in the week ended Oct 2, exceeding expectations of a 2.200 million barrels, although down from the previous 3.955 million rise.

Gasoline inventories climbed by 1.910 million barrels, while distillate stockpiles fell 2.458 million barrels last week.

Amid growing concerns over global supply glut, higher than expected inventories renew the pressure on oil prices. Crude oil price fell more than $1 a barrel from around $49.80 to $48.50 after the release.

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