Oil Falls as U.S. Crude Supply Glut Seen Shifting to Fuel Tanks

Bloomberg ------ Oil fell to the lowest in more than a month as the U.S. crude glut is seen moving to brimming fuel tanks. The drop intensified after Saudi Arabia signaled it’s faring better than expected with low prices. Futures closed 2.4 percent lower in New York. While U.S. crude supplies are forecast to have decreased, inventories of gasoline and distillate fuel are seen rising, according to a Bloomberg survey before a report from the Energy Information Administration on Wednesday. Meanwhile, Saudi Arabia’s budget deficit narrowed more than expected, its economy dodged a recession and non-oil revenue beat estimates in the first quarter, Deputy Crown Prince Mohammed bin Salman said in an interview aired on Al Ekhbariya. To learn more click on the picture below to read the article.