Oil Falls With Rising U.S. Supplies an Obstacle to Recovery
- Domestic crude inventories rose for first time since December
- Stronger dollar, near-term lockdown risks also weigh on prices
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Oil declined the most in a week with rising U.S. crude stockpiles seen as an obstacle facing a market that is still recovering from a pandemic-induced demand slump.
Futures fell 1.6% to the lowest level in nearly two weeks in New York on Friday. A U.S. government report showed domestic crude inventories increased for the first time since December, rising more than 4 million barrels last week. However, the data also showed refiners processed the most crude since March, an encouraging sign.