Crude Falls After U.S. Supply Report as Equities, Euro Decline
This article is for subscribers only.
Crude oil fell to near its lowest price in a week as growing U.S. inventories reinforced doubts about the economic recovery, while equities fell and a stronger dollar against the euro reduced oil’s investment appeal.
The U.S. Energy Department reported yesterday crude stockpiles rose more than analysts expected. The International Energy Agency, an adviser to oil-consuming nations, said that growth in world oil demand will slow in the next five years as the pace of Chinese consumption moderates.