Oil Trades Near Weekly Low as U.S. Supplies Seen Rising
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Oil fell for a second day, heading for the biggest monthly drop in more than three years, before a report that may show stockpiles climbed to the highest level since 1990 in the U.S., the world’s biggest crude user.
Futures slid as much as 1 percent. U.S. inventories rose 800,000 barrels to 383.3 million last week, according to the median estimate of eight analysts in a Bloomberg News survey before the Energy Department report tomorrow. Prices dropped yesterday after Spain’s credit rating was cut and BNP Paribas SA reduced its 2012 forecast for West Texas Intermediate oil.