Crude Oil Declines to Two-Week Low After U.S. Inventories Climb

Crude oil dropped to a two-week low as a U.S. Energy Department report showed supplies surged and on signals that American economic growth is slowing.

Oil fell 1.6 percent after the report showed stockpiles rose 3.42 million barrels to 366.5 million last week, the highest level since October. Inventories were forecast to gain 2 million barrels, a Bloomberg News survey showed. Lower-than-forecast expansion in service industries and employment reduced optimism about the economic outlook.