Oil prices sold off Monday after a private data forecaster reported a jump in stored supplies at the main delivery hub in the U.S. The market chopped around much of the morning in directionless trading, but turned decisively negative after Genscape released a weekly report showing oil inventories in Cushing, Okla., storage tanks rising by about 1.5 million barrels, according to people familiar with the report’s contents. Cushing inventories have been declining since hitting a record of nearly 67 million barrels in early March, dropping by about 4% since then, and have fallen for the last two weeks in a row. If the Genscape report is accurate, it could send a bearish signal to a market that has been gaining momentum from evidence of strong demand and hope that the oversupply of oil is beginning to wane. “The market will have to answer for that bloated storage situation,” said […]