Oil Falls a Second Day as U.S. Stockpiles Rise, Home Sales Drop
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Crude oil fell for a second day in New York amid speculation rising supplies in the U.S. and a surprise drop in home sales signaled the world’s largest energy consumer may be struggling to sustain a recovery.
Oil extended yesterday’s 1 percent decline after the National Association of Realtors reported existing-homes sales fell 2.2 percent in May, missing economist estimates. Crude stockpiles increased 3.69 million barrels last week to a three-week high, according to the industry-funded American Petroleum Institute. An Energy Department today may report a drawdown.