Oil Falls to Three-Month Low as U.S. Fuel Supplies Seen Growing
- Gasoline supply projected to climb for third week in survey
- BP profit slips on low oil price, weaker refining margins
The Supply Problem Disrupting Oil Majors
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Oil dropped to a three-month low in New York amid speculation that U.S. fuel stockpiles increased, bolstering a glut in the world’s biggest crude-consuming nation.
West Texas Intermediate oil fell 0.5 percent. U.S. gasoline supplies probably grew by 200,000 barrels last week, swelling stockpiles already at the highest seasonal level in at least two decades, according to a Bloomberg survey before a government report. Crude inventories, which are projected to have dropped a record 10th week, are also at the highest seasonal level in decades.