Oil Falls First Day in Three on Chinese Inflation, U.S. Supplies
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Oil fell for the first time in three days in New York on concern that China will boost interest rates to tame inflation and on signs that U.S. crude supplies are increasing.
Gasoline dropped as much as 4.7 percent on speculation that a 9 percent rally in the past two days was excessive. The fuel had advanced on concern that flooding on the Mississippi River will disrupt U.S. supplies. Yesterday the industry-funded American Petroleum Institute said crude inventories jumped last week. The Energy Department will release its data today. Consumer price rises in China exceeded the government’s target last month, data from the statistics bureau in Beijing showed.