That, combined with ongoing worries about a potential slowdown in energy demand, pulled prices sharply lower even though the data also revealed a seventh-straight weekly fall for crude stockpiles and a sizable drop in daily domestic oil production.
Natural-gas futures, meanwhile, tracked oil’s move lower. They pulled back from an earlier rally fueled by a weekly climb in U.S. supplies that came in under market expectations and was roughly half the average increase for this time of year.
August West Texas Intermediate crude CLQ6, +0.89% fell $2.29, or 4.8%, to settle at $45.14 a barrel on the New York Mercantile Exchange, after climbing 1.8% a day earlier. Prices, which were trading at $47.85 before the supply data, saw their lowest finish since May 10, according to FactSet.
Brent crude LCOU6, +1.06% lost $2.40, or 4.9%, to $46.40 a barrel on London’s ICE Futures exchange, also ending at a two-month low.
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