Crude Falls to Two-Week Low as U.S. Supply Gains Seen Resuming
- Oil supply fell 559,000 barrels, fuel inventories rose: EIA
- IEA sees glut lasting until late 2017 as output growth slows
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Oil fell to the lowest in almost two weeks on speculation that a drop in U.S. crude inventories is only temporary and supplies will swell again as refineries shut down for maintenance in coming weeks.
Futures dropped 2.9 percent in New York. Crude stockpiles slipped 559,000 barrels last week, the Energy Information Administration said. That contrasts with the 4-million barrel gain forecast by analysts surveyed by Bloomberg and a 1.44 million barrel rise reported Tuesday by the industry-funded American Petroleum Institute. Supplies tumbled the most in 17 years the prior week as imports and output were disrupted in the Gulf of Mexico.