Oil Declines in New York Amid Signs of Higher U.S. Supply
Crude oil in New York slipped from the highest close in a week amid signs that supplies are increasing in the U.S., the world’s largest consumer.
West Texas Intermediate futures dropped as much as 0.7 percent. Crude inventories rose 2.78 million barrels last week to 367.1 million, the American Petroleum Institute said yesterday. This contrasts with forecasts for Energy Department data due later today. The department may report that stockpiles fell by 1.5 million barrels, according to a Bloomberg News survey. North Sea Brent traded at a premium of more than $20 a barrel to WTI for a fourth day.
“High inventories, high imports, anemic demand” are weighing on WTI, said Eugen Weinberg, head of commodities research in Frankfurt at Commerzbank AG, who predicts U.S. crude may slide further.