Crude oil was little changed after falling on a government report that showed U.S. inventories of the fuel jumped more than twice the amount analysts forecast.
Supplies rose 7.2 million barrels to 346.1 million barrels last week, the highest since July 2007, according to the Energy Department yesterday. Inventories were forecast to climb 3 million barrels, the median of 14 analyst estimates in a Bloomberg News survey. Prices rose earlier on signs OPEC is implementing a record production cut announced in December.
“We’ve got a tremendous surplus in oil supplies and it will only go higher,†said Sean Brodrick, natural resource analyst with Weiss Research in Jupiter, Florida. “Demand is falling faster than OPEC and other producers can cut back.â€
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