Oil Falls a Fifth Day on Forecasts U.S. Crude, Fuel Supply Gain

Oil declined for a fifth day on speculation U.S. crude and fuel inventories rose last week, signaling weaker demand amid signs economic growth is slowing.

Crude dropped to the lowest in almost seven weeks yesterday as investors sought the relative safety of the dollar over the euro before a report that may show U.S. home sales slumped in July. U.S. crude supplies probably increased last week while distillate fuel stockpiles may hit the highest in 27 years, according to a Bloomberg News survey.