Oil Trades Below $90 a Barrel a Third Day on Supply Gain
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Oil fell for the third time in four days in New York on speculation an increase in U.S. crude stockpiles signaled slowing demand in the world’s biggest consumer of the commodity.
Futures slid as much as 0.8 percent after the industry-funded American Petroleum Institute said inventories rose 1.35 million barrels last week. An Energy Department report today may show supplies dropped 1 million barrels, according to a Bloomberg News survey. The International Monetary Fund said China’s slowing economy faces significant downside risks and relies too much on investment.