Oil Pares Weekly Loss as Investors Weigh Price Decline, Supplies
This article is for subscribers only.
Oil rose in New York, paring its third weekly decline in four, as speculation demand will recover countered concern over rising stockpiles in the U.S., the world’s biggest crude consumer.
Futures for March delivery traded near $90 a barrel as investors bought back contracts after prices dropped the most in two months yesterday. U.S. crude inventories ended six weeks of declines as refiners cut operating rates by the most since October 2009, the Energy Department reported yesterday.