Oil Drops From Five-Week High on U.S Supplies, Europe Downgrade

Oil fell from the highest price in almost five weeks on speculation that U.S. crude supplies are rising and demand for fuel may falter as Europe grapples with lower credit ratings.

Futures declined as much as 0.5 percent after Moody’s Investors Service cut the debt ratings of six European countries and revised its outlook to “negative” for the U.K. and France. Euro-area finance chiefs convene tomorrow for a meeting on financial aid for Greece, while a U.S. Energy Department report may show crude stockpiles climbed a fourth week, according to a Bloomberg News survey of analysts.