Oil Drops From Three-Week High on Signs Supplies to Rise
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Oil dropped from the highest price in almost three weeks in New York on signs U.S. crude supply is rising and speculation that Saudi Arabia may boost output.
Futures slipped as much as 0.7 percent, their first decline in three days. A government report tomorrow may show that U.S. stockpiles rose to the highest level in six months last week, according to a Bloomberg News survey. Saudi Arabia’s cabinet will work with crude consumers and producers to restore “fair” prices, according to the state news agency. Oil has climbed this year on concern that tension between the West and Iran may disrupt Middle East exports.