Oil Near Two-Day Low on Forecast of Rising U.S. Supplies
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Oil traded near the lowest closing level in two days in New York before data that may show inventories rose to an 11-month high in the U.S., the world’s biggest consumer of the commodity.
Futures for June settlement were little changed, having slipped as much as 0.3 percent. U.S. stockpiles increased 2.65 million barrels last week to 371.7 million, according to the median estimate of eight analysts surveyed by Bloomberg News before a government report tomorrow. The U.S. may still tap strategic reserves to limit price gains stoked by tension with Iran, with a release probably before a European Union embargo starts on July 1, Societe Generale SA said.