Crude Oil Heads for First Decline in Three Weeks on Supplies
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Crude oil headed for its first weekly decline in three weeks, as retreating equity markets and growing supplies sowed doubts about the economic recovery.
Oil traded around $76 a barrel in New York, near its lowest in a week. The Organization of Petroleum Exporting Countries will increase shipments to consumers, according to tanker-tracker Oil Movements, even though crude inventories in the U.S. are 8.4 percent above their seasonal average. The U.S. economy grew at a 2.7 percent annual rate in the first quarter, less than previously calculated, a report today showed.