Oil Falls From One-Week High as U.S. Gasoline Stockpiles Surge
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Oil dropped from the highest in almost a week in New York after an industry-funded report showed gasoline inventories surged in the U.S., the world’s largest crude user, signaling demand may falter.
Futures slipped as much as 1.4 percent, switching direction for a sixth straight session. Stockpiles of motor fuel climbed 2.44 million barrels in the week ended May 20, the most since Feb. 4, the American Petroleum Institute said yesterday. Demand slid 1.5 percent. An Energy Department report today was forecast to show supplies rose 450,000 barrels in a Bloomberg survey.