Oil Slips as US Stockpile Gain Overshadows Iran Strike Report

Oil dropped after a second consecutive weekly gain in US crude inventories overshadowed a CNN report that Israel is preparing for a potential strike on Iranian nuclear sites.

West Texas Intermediate fell 0.7% to settle below $62 a barrel after the government reported US crude inventories climbed to the highest since July and gasoline demand fell. A lackluster Treasury sale also weighed on broader markets, adding to the declines. Brent futures slid below $65.