Oil Drops From 30-Month High on Forecast U.S. Supply Increase
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Oil dropped from the highest close in 30 months in New York before an Energy Department report that may show U.S. crude stockpiles increased last week.
Oil for April delivery dropped as much as 42 cents, or 0.4 percent, to $99.21 a barrel in electronic trading on the New York Mercantile Exchange and was at $99.26 at 4:11 p.m. in Singapore. Yesterday, the contract rose 2.7 percent to $99.63, the highest close since September 2008.