Oil Drops Nearly $2 After U.S. Stocks Swell

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Oil prices fell nearly $2 on Wednesday, the biggest decline in two weeks, after the Energy Department reported an unexpected rise in inventories, calming fears of winter fuel shortages.


U.S. light crude futures plunged $1.76, or 3.9 percent, to $44.00 a barrel while London Brent fell $1.62 to $40.75 a barrel.


U.S. supplies of distillates, which include heating oil and diesel, rose 600,000 barrels to 119.9 million last week. Prices still remain more than 35 percent up this year, spurred on by a surge in demand and limited spare refining and production capacity.

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