With crude inventories jumping the most in a year at Cushing, Oklahoma, oil prices fell for a third day. It’s the longest losing streak in nearly a month as West Texas Intermediate fell 87 cents on May contracts before settling at $64.38 per barrel.
Brent crude in London on the ICE Exchange Europe dropped 58 cents and landed at $69.53 per barrel.
Natural gas on the New York Mercantile Exchange saw a one-cent increase and settled at $2.70 Mmbtu.
Analysts credit the expanding crude stockpiles in the U.S. for resulting in the falling oil prices. The Energy Information Administration reported U.S. crude inventories went up by 1.64 million barrels last week.
Inventories in Cushing’s storage hub grew by 1.8 million barrels, the highest increase since one year ago.