Oil Caps Biggest Two-Day Loss Since 2009 on Crude Supply Glut
- Inventories forecast to expand by 4 million barrels: survey
- Gasoline futures decline 7.6 percent to a seven-year low
What Is Fair Value for Oil Medium Term?
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Oil capped the biggest two-day drop in New York in almost seven years before government data forecast to show U.S. crude stockpiles gained, exacerbating a global glut. Gasoline tumbled to the lowest since 2008.
Crude fell 11 percent in two days. Supplies probably rose by 4 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Wednesday. The Russian leg of Venezuelan Oil Minister Eulogio Del Pino’s tour to persuade oil exporters to cut output gained little more than pledges for further discussion. BP Plc posted a 91 percent decreasein fourth-quarter earnings, while Exxon Mobil Corp.’s fell 58 percent.