Oil Falls After U.S. Inventories Climb as German GDP Declines
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Oil fell as U.S. crude and fuel supplies climbed more than expected and concern mounted that a contracting German economy will drag Europe into recession.
Futures dropped 1.3 percent after a government report showed that crude inventories rose 4.96 million barrels last week, almost five times the gain projected in a Bloomberg News survey of analysts. Fuel stockpiles jumped as demand decreased. Oil also slipped as Germany’s Federal Statistics Office said Europe’s largest economy shrank last quarter.