Oil Snaps Three-Day Rally on Crude Stockpiles, Dollar Strength
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Oil declined for the first time in four days in New York as traders bet stockpiles in the U.S. are rising and the dollar strengthened, curbing investor demand for commodities.
Futures dropped as much as 1.1 percent before an Energy Department report today that may show crude inventories increased by 1 million barrels last week, according to a Bloomberg News survey of analysts. The American Petroleum Institute said yesterday stockpiles surged 6.4 million barrels, the most since March. The dollar climbed against all except one of its 16 most-traded peers.