Oil Pares Second Monthly Gain After U.S. Crude Stockpiles Rise
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Oil fell from the highest in two weeks in New York after Standard & Poor’s cut credit ratings on some of the world’s biggest lenders, and amid signs of rising crude supplies in the U.S.
West Texas Intermediate futures slid as much as 0.9 percent, paring a second monthly gain. The industry-funded American Petroleum Institute said yesterday crude inventories climbed by 3.44 million barrels last week. S&P lowered the ratings of banks led by Goldman Sachs Group Inc., Bank of America Corp. and UBS AG. Prices rose yesterday after U.S. consumer confidence climbed the most in more than eight years and Iranian protesters vandalized the British Embassy’s compound in Tehran.