Crude Falls From One-Week High on Forecasts for Warmer Weather
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Crude oil fell from a one-week high because of concern that warmer weather in the U.S. may reduce demand for heating oil.
Oil pared yesterday’s gains after the Energy Department said stockpiles of distillate fuel, a category that includes heating oil and diesel, increased 1.09 million barrels to 161.3 million. Normal or warmer-than-normal weather is likely in most of the Northeast and Midwest from Dec. 25 to Dec. 29, according to Commodity Weather Group in Bethesda, Maryland.