Oil Trades Near One-Week Low on Concern Demand for Fuel May Slow
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Oil traded near its lowest price in a week in New York amid speculation that rising U.S. inventories show demand is slowing in the world’s biggest crude consumer.
Futures dropped as much as 0.5 percent after U.S. Treasury Secretary Timothy Geithner said oil prices have become an obstacle to economic growth. The Energy Department may say today crude stockpiles in the country climbed even as gasoline supplies declined, while violence in Syria fanned concern that Middle East unrest will continue to disrupt supplies.