Oil Near Three-Month Low on Growth Concern, Stockpiles
This article is for subscribers only.
Oil traded near the lowest price in more than three months after U.S. stockpiles climbed, Chinese crude imports fell and Europe’s debt crisis worsened.
Futures were little changed in New York after falling for six days. U.S. crude inventories rose 3.7 million barrels last week to 379.5 million, the highest level since 1990, even as fuel supplies shrank, Department of Energy data showed. China’s crude imports fell to the lowest in four months in April, while total goods exports rose at less than half the prior month’s rate. Greece struggled to form a government and the cost of insuring against a Spanish debt default increased to a record.