Oil Trades Near One-Week Low on U.S. Stockpiles, European Crisis
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Oil traded near the lowest price in a week after a report showed U.S. crude stockpiles surged, indicating fuel demand may be weakening as Europe’s debt crisis threatens to slow the global economy.
Futures in New York were little changed after sliding 2 percent yesterday, the first decline in seven days, as record European Central Bank lending signaled the growing risk of the region’s crisis. Crude inventories rose 9.57 million barrels last week, according to the industry-funded American Petroleum Institute. A U.S. Department of Energy report today was forecast to show supplies fell 2.5 million in a Bloomberg News survey.