Oil fell to a three-month low in New York as supplies were considered plentiful even as stockpiles were seen deepening a record pullback in the U.S., the biggest fuel consumer.
West Texas Intermediate futures declined 1.3 percent after falling 2.4 percent Monday. While U.S. crude inventories probably slid by 2.25 million barrels last week, gasoline supplies may have added 600,000 barrels, swelling stockpiles already at their highest in decades, according to a Bloomberg survey before a government report Wednesday.
Crude has slipped more than 15 percent since early June after almost doubling from a 12-year low in February as supply disruptions from Nigeria to Canada trimmed a worldwide surplus. BP Plc, the first oil major to report second-quarter results, missed analyst estimates as lower prices continued to erode income and refining margins shrank.The rest of the article is available by clicking here.
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