Oil Trades Near One-Week Low as Gasoline Stockpiles Surge
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Oil traded near its lowest price in a week in New York as inventories of fuels such as heating oil rose by the most since July and U.S. lawmakers struggled to reach agreement on a budget plan.
West Texas Intermediate declined as much as 0.5 percent. U.S. distillate stockpiles climbed 3.03 million barrels, according to the Energy Department. They were forecast to gain 850,000 barrels. Crude also dropped amid disagreement between President Barack Obama and Republican leaders in talks to avert more than $600 billion in automatic tax increases and spending cuts known as the fiscal cliff.