Oil Declines on European Debt Concerns, Rising U.S. Stockpiles
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Oil dropped for a second day in New York on concern Greece’s debt crisis will curb European growth and as analysts predicted U.S. fuel inventories will rise, signaling lower demand.
Futures fell as much as 0.6 percent after declining to the lowest in more than a week yesterday. Europe will consider extending Greece’s debt-repayment schedule as part of a package including deeper spending cuts, Luxembourg Prime Minister Jean-Claude Juncker said in Brussels. An Energy Department report tomorrow may show U.S. crude stockpiles rose for a fourth week.