April 21 (Bloomberg) -- Crude oil dropped in New York after a U.S. Energy Department report showed supplies surged at the delivery point for the U.S. benchmark grade as imports climbed to the highest level since September.Inventories of crude at Cushing, Oklahoma, where New York- traded West Texas Intermediate oil is stored, surged 5.8 percent to 34.1 million barrels, the highest since the week ended Jan. 8. Supplies of crude oil rose 1.89 million barrels to 355.9 million, the Energy Department report showed. A 750,000-barrel drop was forecast, according to a Bloomberg survey.
“There was a massive build at Cushing, which should be very bearish,” said Stephen Schork, president of consultant Schork Group Inc. in Villanova, Pennsylvania. “Between mid- February and mid-April supplies at Cushing have gone from a year-on-year deficit of 13 percent to a 15 percent surplus.”
Crude oil for June delivery fell 17 cents, or 0.2 percent, to settle at $83.68 a barrel on the New York Mercantile Exchange. Prices are up 5.4 percent this year and 80 percent higher than a year earlier. more...
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