Crude oil futures extended declines after the U.S. Energy Department said stockpiles rose to the highest level in 21 years.
Supplies increased 2.84 million barrels to 375.9 million, the department said today. Inventories were forecast to gain 2.5 million barrels, according to the median of 11 analyst estimates in a Bloomberg survey. Stockpiles at Cushing, Oklahoma, the delivery point for New York futures, gained 1.21 million barrels to a record 43 million.
Crude oil for June delivery fell 83 cents, or 0.8 percent, to $105.33 a barrel at 10:38 a.m. on the New York Mercantile Exchange. Oil traded at $105.54 a barrel before release of the inventory report at 10:30 a.m.
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