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Oil Falls in New York as IEA Says Global Supplies Have Improved

Crude oil declined in New York as the International Energy Agency said global markets are better supplied than earlier this year and U.S. retail sales dropped.

Futures slid as much as 1.2 percent. The Paris-based IEA said in a monthly report today that global supplies increased by 200,000 barrels to 91.1 million barrels a day in May. U.S. crude inventories, which rose to the highest since 1990 at the end of May, may drop this week, according to a Bloomberg News survey before a government report. U.S. retail sales fell in May for a second month, a sign the world’s largest economy is cooling.