Oil prices drop on news OPEC plans

Oil prices dropped in US trading on Wednesday after bearish US inventory report offset otherwise bullish news that the OPEC oil cartel is planning to trim output. Crude drops as US stockpile report eclipses OPEC cuts Oil falls as report reveals US may be awash in crude The US Energy Information Administration said in its weekly report that US crude oil inventories increased by 3.7 million barrels in the week ended Sept. 12, confounding expectations for a decline of 1.7 million barrels, which sent prices plummeting by stoking fears of a supply glut. Total US crude oil inventories stood at 362.3 million barrels as of last week. The report also showed that total motor gasoline inventories decreased by 1.6 million barrels, compared to forecasts for a decline of 0.3 million barrels, while distillate stockpiles rose by 0.3 million barrels, according to investing.com