Crude-oil futures are slumping with the December contract down $2.14 U.S. to $91.13 U.S. a barrel on the New York Mercantile Exchange, after the latest government inventory report showed a surprise increase in crude supplies last week.
The Energy Information Administration reported that crude supplies rose 4.7 million barrels compared with analysts' call for a modest 200,000-barrel increase, according to Platts, the Energy information arm of McGraw-Hill.
Gasoline inventories fell by 1.4 million barrels and distillate inventories fell by 4.3 million barrels. Analysts were looking for gasoline stockpiles to fall 1.25 million barrels, and distillates to fall 1.5 million, according to Platt's.
The United States Oil exchange-traded fund is trading at $35.10 U.S., down $0.70 U.S., or 1.96%.
