Oil Falls as U.S. Supply Gain Seen, Iran to Abstain From Freeze
- Crude supplies probably rose 3.1 million barrels, survey shows
- Decline eased as Yellen says caution justified iraising rates
How Fast Can U.S. Oil Production Ramp Up?
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Oil dropped a fourth day before a report that’s forecast to show increasing U.S. crude stockpiles have kept inventories at the highest level in more than eight decades.
Futures fell 2.8 percent in New York. Supplies probably rose 3.1 million barrels last week, according to a Bloomberg survey before Energy Information Administration data is released Wednesday. Iran will attend talks with oil producers next month without joining their proposal to freeze output, a person familiar with the nation’s policy said. The decline eased after Federal Reserve Chair Janet Yellen said it’s appropriate to “proceed cautiously” in raising interest rates.