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Oil Heads for Monthly Decline as Slower Growth Curbs Demand

Oil fell, headed for its biggest monthly drop since May in New York, as signs of swelling inventories and faltering demand countered speculation the U.S. will take further steps to bolster its economy.

New York futures declined as much as 1.4 percent, snapping four days of gains, after the American Petroleum Institute said crude supplies rose 5.13 million barrels last week, the biggest increase since March. An Energy Department report today may say inventories fell 500,000 barrels, according to the median estimate in a Bloomberg News survey.