Oil Falls First Time in Five Days on Forecast Supply Increase
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Oil fell in New York, snapping a four-day rally, after analysts forecast an increase in U.S. gasoline supplies, signaling demand recovery in the world’s largest crude user may falter.
Futures slipped as U.S. equities dropped and the euro weakened from a five-month high against the dollar after renewed signs of debt problems at European banks and countries such as Ireland and Portugal. An U.S. Energy Department report tomorrow may show gasoline stockpiles climbed to a six-month high.