Oil Trades Near One-Week Low on Supply Gain, Talk of SPR
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Oil fell to trade near the lowest in almost a week in New York as western countries discussed tapping emergency reserves, and after stockpiles surged in the U.S., the world’s largest crude consumer.
West Texas Intermediate futures declined as much as 0.7 percent after French Prime Minister Francois Fillon said today prospects are “good” for a U.S.-Europe agreement on a release from strategic reserves. Crude fell 1.8 percent yesterday as the Energy Department said crude inventories rose the most since July 2010. There is “no rational reason” for prices at current levels and Saudi Arabia would like to see them fall, the kingdom’s Oil Minister Ali al-Naimi said.