Oil Falls for Fifth Day as Inventories Increase
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Oil in New York traded near the lowest close since July after U.S. inventories rose more than forecast and fuel demand dropped.
Prices were little changed after five days of losses, the longest decline in five months. The Energy Department said crude stockpiles jumped 5.9 million barrels last week, more than three times the median 1.8 million gain forecast by analysts in a Bloomberg News survey. Gasoline demand fell to a seven-month low, and the Federal Reserve said unemployment remains elevated.