Oil Set for Year's Worst Month as U.S. Glut Adds to Trade Woes

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Oil Set for Year's Worst Month as U.S. Glut Adds to Trade WoesFutures tumbled 3.8% in New York on Thursday, extending May’s loss to 11%, after the U.S. Energy Information Administration said domestic inventories shrank by 282,000 barrels last week, just one-fifth the average estimate in a Bloomberg survey. “The concern revolves around the demand side of the equation,' said Nick Holmes, who helps oversee $16 billion in energy investments for Kansas-based money manager Tortoise. West Texas Intermediate crude for July fell $2.22 to $56.59 a barrel on the New York Mercantile Exchange, the lowest close since March 8.

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