Oil Drops a Second Day as U.S. Fuel Supplies Gain, Dollar Climbs

Oil dropped for a second day after an industry report showed U.S. fuel stockpiles rose last week and the Federal Reserve said the recovery in the world’s biggest crude user has been “disappointingly slow.”

Futures fell as much as 0.9 percent after the U.S. central bank said it would maintain a stimulus plan because the economic recovery was insufficient. Heating oil stockpiles climbed to the highest since the week ending Oct. 29 while gasoline inventories built for a third week, the industry-funded American Petroleum Institute said yesterday. The Energy Department will report its own stockpile data today.