Crude Declines a Third Day on European Debt, U.S. Fuel Supplies
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Oil declined for a third day in New York on speculation that Europe’s spreading debt crisis will curb demand for raw materials and that U.S. fuel stockpiles increased last week.
Futures fell as much as 1.7 percent as soaring yields on Italian bonds heightened concern Europe’s third-largest economy won’t be able to finance its debt. U.S. gasoline supplies probably grew for the first time in four weeks, according to a Bloomberg News survey before a government report tomorrow. Oil briefly fell below its 200-day moving average, a technical support level.