Oil Fluctuates as U.S. Supplies Crude Rise, Egypt Risk Subsides

Oil fluctuated in New York as crude stockpiles in the U.S. rose and concern eased that unrest in Egypt will disrupt supplies through the Suez Canal.

Futures swung between a losses of 0.4 percent and gains of 0.3 percent today after the American Petroleum Institute said yesterday that U.S. stockpiles increased for a fourth week. An Energy Department report today may also show supplies climbed. Crude dropped 1.5 percent yesterday after canal officials said traffic is moving normally on the waterway. New York oil’s discount to Brent widened after the API said inventories at the Cushing, Oklahoma, hub climbed to a record.