Oil Drops From Two-Month High in New York as U.S. Demand Eases
This article is for subscribers only.
Oil slid from the highest close in more than two months as investors sold contracts on speculation that recent gains were excessive amid signs of weakening demand in the U.S, the world’s biggest consumer of crude.
Futures fell as much as 0.6 percent, dropping for the first time in four days. Oil’s gains stalled near the upper Bollinger Band, an indicator of technical resistance. Crude consumption declined 4 percent to 15.9 million barrels last week, the biggest percentage decrease in a month, data from the American Petroleum Institute showed. Gasoline usage was the lowest since February, according to the API figures.