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Crude Prices Down as IEA Report Points to Record Stockpiles

Crude oil prices fell Wednesday after surging nearly 5% overnight, as investors took profits and a bearish monthly International Energy Agency report pointed to record stockpiles.

Brent crude, the global oil benchmark, fell 0.8% to $47.69 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were down 0.6% at $46.16 a barrel.

The IEA said large inventories were threatening recent price stability as commercial stocks of oil in OECD countries reached a record 3.074 billion barrels by the end of May.

“Although stocks are close to topping out, they are at such elevated levels, especially for products for which demand growth is slackening, that they remain a major dampener on oil prices,” said the report.

The IEA said there is a risk that inventories could continue to rise.

“The tone of the IEA report certainly is quite negative,” said Michael Hsueh...