Crude Oil Declines in New York as U.S. Stockpiles Grow
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Oil declined in New York for the fourth time in five days before a U.S. government report that may show stockpiles of the fuel increased to their highest level in more than three months.
Futures slid as much as 0.6 percent before an Energy Department report today that may show inventories rose by 1.5 million barrels, according to a Bloomberg survey. The industry-funded American Petroleum Institute said yesterday stockpiles climbed 5.7 million barrels, advancing for the fourth week. A separate report showed confidence among U.S. consumers fell more than forecast in March as fuel costs surged.