Oil Drops in New York on Bets of Lower Demand, Higher Supplies
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Oil fell in New York as investors bet that rising U.S. fuel stockpiles are a signal of waning demand, while supplies from the Middle East and Africa grow. Brent crude in London widened its premium over U.S. futures.
New York oil slipped as much as 1.3 percent after the American Petroleum Institute said yesterday crude and gasoline supplies increased last week. A separate Energy Department report today is forecast to show inventories declined. Libya’s Arabian Gulf Oil Co. said it will be ready to export crude within a week.