Oil Drops a Second Day on Concern Prices May Curb Demand
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Oil dropped for a second day in New York on speculation rising U.S. stockpiles signal easing fuel demand as crude trades near the highest price in nine months.
West Texas Intermediate futures slid as much as 0.7 percent after falling for the first time in eight days yesterday. U.S. supplies probably rose 1.1 million barrels last week, a Bloomberg News survey showed before a report from the Energy Department tomorrow. Consumer demand for oil may deteriorate after prices for London-traded Brent crude breached a record high in euros and pounds, according to Morgan Stanley.