Oil Little Changed as Europe’s Economy Limits This Week’s Gain

Oil was little changed in New York as rising U.S. stockpiles and signs that Europe’s economy is worsening put a limit on a weekly advance driven by speculation that sanctions would curb the supply of crude from Iran.

Futures vacillated between gains and losses after the Energy Department said U.S. crude stockpiles climbed 2.2 million barrels last week. A median decline of 1 million barrels was forecast in a Bloomberg News survey of analysts. Reports today may show that European consumer confidence slumped to the lowest level in two years and factory orders fell, according to economists. Oil has gained 2.9 percent this week on concern sanctions against Iran will limit supplies.