HONG KONG (MarketWatch) -- Crude-oil futures extended their losing-streak Wednesday, briefly falling below $62 a barrel, after industry data showed that stockpiles of distillates rose more than expected in the previous week.
August crude-oil futures dropped as low as $61.99 a barrel on Globex, before recovering slightly. The front-month contract was down 71 cents at $62.22 in the Asian afternoon, on top of a $1.12 drop to $62.93 a barrel in Tuesday trade on the New York Mercantile Exchange.
The latest fall came after data released by the American Petroleum Institute showed that stocks of distillates, including diesel and heating oil, rose by a higher-than-expected 3.4 million barrels last week, according to news reports.
The front-month contract has slumped significantly from its closing level of $71.60 a barrel last Wednesday on concerns about the energy-demand outlook, and after the Commodities Futures Trading Commission said it was considering applying limits on investments from exchange-traded funds and index investors. See full story.
August crude-oil futures dropped as low as $61.99 a barrel on Globex, before recovering slightly. The front-month contract was down 71 cents at $62.22 in the Asian afternoon, on top of a $1.12 drop to $62.93 a barrel in Tuesday trade on the New York Mercantile Exchange.
The latest fall came after data released by the American Petroleum Institute showed that stocks of distillates, including diesel and heating oil, rose by a higher-than-expected 3.4 million barrels last week, according to news reports.
The front-month contract has slumped significantly from its closing level of $71.60 a barrel last Wednesday on concerns about the energy-demand outlook, and after the Commodities Futures Trading Commission said it was considering applying limits on investments from exchange-traded funds and index investors. See full story.
