Oil Slips Most in a Month Amid U.S. Supply Boost, Demand Warning
- Economic threats could weaken consumption, energy agency says
- WTI slips 1.6%, retreating from highest close since October
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Oil suffered its worst loss in more than a month as burgeoning U.S. crude supplies and a cautious view on demand flashed warning signs for traders.
Futures fell 1.6 percent at the close of New York trading, a day after government data showed American crude inventories swelling to the highest since 2017. The International Energy Agency said that while global supplies are tightening for now, the agency could lower its forecasts because of economic threats.