Oil has worst day in almost a month; back below $45

Oil dropped the most in almost a month after a government report showed that U.S. stockpiles increased last week by more than projected.

Crude inventories climbed 2.28 million barrels, according to the Energy Information Administration. A 1.3 million-barrel gain was projected by analysts surveyed by Bloomberg before the report. Imports rose to the highest in almost four years as output slipped. Oil is still poised for a monthly advance as OPEC’s planned talks fan speculation it could reach an accord on output.

Oil entered a bull market Aug. 18, less than three weeks after tumbling into a bear market. A production limit would be positive for the market, Saudi Arabia’s Energy Minister Khalid Al-Falih said in an interview last week, while ruling out an actual cut. A freeze deal between members of the Organization of Petroleum Exporting Countries and other producers was proposed in February but a meeting in April ended with no final accord.

http://fuelfix.com/blog/2016/08/31/oil-stumbles-but-heads-towards-best-month-since-april/