Oil Heads for First Weekly Decline in Four on Demand Concerns

Oil slipped, heading for its first weekly decline in New York in a month, amid concern that this year’s rally in prices is stoking inflation and starting to erode demand for fuel.

Futures fell as much as 0.7 percent after Chinese data showed that inflation in the world’s biggest energy user accelerated in March to the fastest pace since 2008. Total U.S. crude inventories rose 1.63 million barrels to 359.3 million last week as refiners slowed processing rates, the Energy Department said on April 13. The North Atlantic Treaty Organization’s chief said the alliance needs more attack jets to target Libyan ground forces as Muammar Qaddafi’s troops continue their attacks.