Oil Trades Near Two-Day Low as U.S. Stockpiles Unexpectedly Gain
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Oil traded near the lowest price in two days in New York after stockpiles unexpectedly rose in the U.S., the world’s biggest crude user.
Futures were little changed after dropping for the first time in six days yesterday. Inventories rose 1.99 million barrels last week, the Energy Department said yesterday. They were forecast to fall by 2.9 million barrels, according to the median estimate of 11 analysts in a Bloomberg News survey. The Federal Open Market Committee may announce additional stimulus measures for the economy at the end of a two-day meeting today.