(Bloomberg) — Oil declined in New York as an increase in American crude stockpiles to a record high raised fresh concerns about excess supply, while the Federal Reserve forecast a long road to recovery for the U.S. economy.Futures lost 3.2% to drop below $39 a barrel, erasing all of the gains from the previous session. U.S. crude inventories unexpectedly rose last week, even as oil production fell, while gasoline stockpiles also saw a surprise expansion. Fed Chairman Jerome Powell said the pandemic could inflict longer-lasting damage on the economy and the central bank signaled it would keep rates near zero …read more
Source:: Yahoo Finance
