Oil Drops in Longest Losing Streak Since March as Supplies Rise
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Oil declined for a third day in New York, the longest losing streak since March, as rising U.S. supplies and signs of slowing job growth stoked speculation fuel demand may weaken in the world’s biggest crude consumer.
Futures dropped as much as 0.7 percent today after the American Petroleum Institute said crude inventories climbed for a fifth week. Stockpiles probably increased from the highest since November, according to a Bloomberg News survey before an Energy Department report today. Data this week may show the U.S. generated fewer jobs in April than in March.