Oil Futures Down on Inventory Increase

Oil inventories continue to grow in the United States, and oil futures are falling in response to the increased supply, dropping to $74.40 a barrel a plunge of 1.7 percent on the New York Mercantile Exchange for June. July declined to $78.99 a barrel as well.

The spread, as you can see, is wider than normal, and traders are dropping the June contract in favor of the July futures contract.

That comes from the possibility of having to find storage when the burgeoning oil supply has filled up much of the available space.

Oil levels are now 29 percent higher than last year at the same time, and is the highest since December 2009.