Oil Trades Near 2-Day Low on Bets U.S., Europe Demand Will Ease
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Oil traded near a two-day low in New York on speculation fuel demand may falter as Europe struggles with its debt crisis and stockpiles increase in the U.S., the world’s biggest crude consumer.
Futures were little changed after dropping 1 percent yesterday. Greek Prime Minister Lucas Papademos plans to meet the country’s political leaders today to discuss additional measures to secure a second bailout led by the European Union. U.S. crude inventories probably rose to the highest in more than four months and gasoline supplies climbed for a second week, according to a Bloomberg survey before an Energy Department report tomorrow. Prices gained as much as 0.6 percent earlier today after nearing a technical-support level.