Oil Falls the Most in Two Months After Biggest Gain in 25 Years
- U.S. crude stockpiles forecast to increase by 900,000 barrels
- China official factory gauge shrinks to lowest in 3 years
What's Behind the Whipsaw Moves in Oil Prices?
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Oil fell the most in two months, paring the biggest three-day rally in 25 years as speculation faded that OPEC might coordinate with other nations to curb supply.
Futures slipped 7.7 percent in New York after surging 27 percent in three days, the most since August 1990. Prices fell as Chinese manufacturing slowed and U.S. crude stockpiles were forecast to have increased. They rose on Monday after the U.S. lowered production estimates and OPEC said it’s prepared to discuss “fair” prices with other producers, but the group also said it won’t shoulder the burden of propping up prices on its own.