Oil Declines on Forecast of Drop in U.S. Refinery Operations
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Oil fell in New York, retracing part of yesterday’s 1.6 percent gain, before a government report that may show refineries in the U.S. operated last week at their lowest rate in five months.
An Energy Department report tomorrow will probably show that refineries operated at 86.8 percent of capacity, down 0.8 percentage point from the previous week, according to the median of 14 analyst estimates in a Bloomberg News survey. It would be the lowest utilization rate since the week ended April 16. October futures expire today and are cheaper than November, a condition known as contango.