Oil Falls on Surprise Stockpile Increase

Oil prices fell to three-month lows as oil keeps building up in storage, inflaming fears that an oversupply of gasoline and other fuels is a sign that a two-year glut isn’t receding as quickly as many had hoped. 
Crude oil stocks rose by nearly 1.7 million barrels last week, the U.S. Energy Information Administration said Wednesday. 
U.S. crude sank for the fifth straight session, settling down $1.00, or 2.3%, to $41.92 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, settled down $1.40 or 3.1%, to $43.47 a barrel. 
Oversupply concerns have sent oil into retreat throughout July, reversing a five-month rally that had pushed oil above $50 a barrel. U.S. refiners have overwhelmed even record demand, and saturated international markets have supplies backing up in the U.S., too, analysts said.