Oil Drops After Biggest Gain in Six Weeks on Supplies
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Oil fell after the biggest gain in six weeks as a forecast for rising supplies in the U.S. signaled demand may be easing in the world’s biggest crude consumer.
Futures slid as much as 1 percent in New York. U.S. crude stockpiles probably rose for a second week, to the highest level since August, according to a Bloomberg News survey before an Energy Department report tomorrow. Prices advanced yesterday after U.S. manufacturing in March expanded at a faster pace than estimated. Oil has climbed this year on concern that tension with Iran will disrupt global supplies.