Oil prices dropped more than $1 a barrel Wednesday as the U.S. government reported a large increase in crude inventories and investors weighed moves by OPEC, showing the group’s conviction that supply is adequate to meet demand.
Light, sweet crude futures fell $1.38 to $52.85 a barrel in midday trade on the New York Mercantile Exchange. Brent crude was down $1.18 to $51.85 a barrel on the International Petroleum Exchange in London.
