.Brent Crude Drops a Second Day as Global Supplies Climb
By Rupert Rowling - May 1, 2013 5:28 PM GMT+0500 ..Facebook Share LinkedIn Google +1 10 Comments
Print QUEUEQ..Brent crude fell for a second day after OPEC’s production increased to a five-month high and an industry group said U.S. stockpiles climbed for the first time in three weeks.
Futures slid as much as 1.8 percent in London after dropping 1.4 percent yesterday. U.S. crude inventories rose by 5.2 million barrels last week, the American Petroleum Institute said. Government figures today are projected to show a gain of 1.1 million barrels, according to a Bloomberg News survey. Daily output by the Organization of Petroleum Exporting Countries increased in April by 194,000 barrels a day, a separate survey indicated. An index of manufacturing in China signaled weaker expansion in April.
