Oil Near Six-Week Low as U.S. Stockpiles Rise, Fuel Demand Slips
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Oil traded near the lowest in six weeks as U.S. crude stockpiles increased more than estimated and gasoline use fell to a 10-year low. Brent crude in London was at the biggest premium to New York oil in 12 weeks.
Futures fluctuated today after declining as much as 0.6 percent in early trading. They settled yesterday at the lowest price in six weeks after an Energy Department report showed crude supplies in the U.S. rose by 4.2 million barrels last week. Inventories were projected to increase 2.6 million barrels, according to a Bloomberg News survey.