Oil Trims Weekly Gain on Concern of Slower U.S. Economic Growth

Oil declined, narrowing the first weekly gain in five, on speculation that U.S. measures to revive growth will fall short of expectations and that potential fuel shortages caused by Hurricane Irene might be limited.

Futures fell as much as 1.4 percent in New York before a speech by Federal Reserve Chairman Ben S. Bernanke today and a U.S. government report that may show economic growth slowed in the second quarter. Gasoline fell after closing at a three-week high yesterday on concern Irene may sap fuel consumption.