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Western Refining (WNR) Stock Drops as Oil Prices Decline

NEW YORK (TheStreet) -- Shares of Western Refining (WNR) were sliding in late-afternoon trade on Thursday as oil prices dropped on renewed concerns over a global oversupply.

Yesterday the Energy Information Administration reported that U.S. crude inventories grew by 2.3 million barrels last week to total 525.9 million barrels.

The increase was higher than the American Petroleum Institute's estimates of a 942,000 barrel-increase for the same period. Analysts expected a rise of 900,000 barrels, Reuters reported.

The higher-than-expected build fueled increasing...