Oil Falls as China Premier Wen Says Housing Curbs to Stay
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Oil fell in New York on forecasts that crude stockpiles rose to the highest level in six months in the U.S., the world’s largest consumer of the commodity.
Futures declined as much as 0.6 percent before an Energy Department report today that will show crude supplies climbed last week, according to a Bloomberg News survey. Stockpiles grew by 2.8 million barrels, according to data yesterday from the American Petroleum Institute. The International Energy Agency cut forecasts for oil supplies from outside OPEC this year because of lower exports from Sudan and Syria, and said reduced spare output capacity raises the risk of a price surge.