Crude Oil Futures Fall From 11-Month High on Signs Rally Was Unjustified

(Bloomberg) -- Crude oil fell from an 11-month high
in New York on speculation prices have risen more than justified
by declining U.S. inventories.

U.S. supplies fell 1.1 million barrels to 351 million
barrels, leaving inventories 4.6 percent higher than a year
earlier. Stockpiles in Cushing, the delivery point for West Texas
Intermediate crude oil, or WTI, traded in New York, plunged 22
percent to 21.2 million barrels in the past nine weeks, according
to the Energy Department.


Read more at Bloomberg Energy News