• Oil Drops to Six-Month Low on Supply, Greece

Market news

16 May 2012

Oil Drops to Six-Month Low on Supply, Greece

Oil fell as U.S. supplies grew to the most since 1990 and talks to form a coalition government in Greece collapsed, raising concern that Europe’s debt crisis will worsen.

Prices declined for a fourth day as the Energy Department reported oil inventories climbed 2.13 million barrels last week to 381.6 million. Supplies were forecast to grow 1.75 million barrels. Greece will schedule new elections next month. Will be a referendum on whether the country stays in the euro.

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