Economics
Oil Trades Near Two-Day Low; Standard Chartered Cuts Forecasts
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Oil traded near a two-day low in New York as investors looked beyond data showing a decline in U.S. crude stockpiles and bet that faltering economic growth will temper fuel demand.
Futures fluctuated before a speech tomorrow by Federal Reserve Chairman Ben S. Bernanke, who may outline steps to stimulate the world’s largest economy. Standard Chartered Plc reduced its oil-price forecasts before a report that may show U.S. growth slowed in the second quarter. Crude inventories fell for a second week last week, slipping by about 2 million barrels, U.S. government data showed yesterday.