Oil Tumbles to Seven-Month Low on U.S. Stockpile Glut, Eu
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Oil tumbled to a seven-month low on speculation that U.S. crude stockpiles climbed to the highest level since 1990 and as the euro weakened on concern that the debt crisis will overwhelm Spain.
New York futures fell 3.2 percent and Brent oil traded in London settled below $104 a barrel for the first time this year. An Energy Department report tomorrow will show that U.S. supplies rose 1 million barrels to 383.5 million last week, according to analysts surveyed by Bloomberg. The euro fell versus the dollar as Spain’s default risk increased.