Oil Declines a Second Day as U.S. Crude Supply Gain Adds to Glut
- Drop eased after U.S. oil rig count fell to lowest since 2009
- Iraq, U.A.E. to attend Doha output freeze meeting next month
Why Are We Not Seeing Huge Deals in Oil
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Oil dropped a second day after U.S. crude stockpiles expanded again, keeping supplies at the highest level in more than eight decades.
Futures fell 0.8 percent in New York after slumping 4 percent Wednesday. Inventories rose by more than three times what was projected in a Bloomberg survey, while imports last week increased to the highest since June 2013, Energy Information Administration data showed. Oil also dropped as renewed prospects for higher U.S. interest rates boosted the dollar, cutting the appeal of commodities as an alternative investment.