Oil Trades Near One-Month Low as Fuel Stockpiles Seen Rising
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Oil traded near the lowest close in almost a month in New York on speculation that a government report this week will show fuel stockpiles increased in the U.S., the world’s biggest crude consumer.
Futures were little changed after dropping for a fifth day yesterday, the longest losing streak since October. U.S. distillate supplies, including diesel and heating oil, probably rose for a second week while gasoline inventories reached the highest level since April, according to a Bloomberg News survey before an Energy Department report tomorrow. The Organization of Petroleum Exporting Countries is gathering in Vienna to determine the group’s targets for crude production.