Crude oil fell below $70 a barrel in New York on signs that demand will be slow to rebound after a report yesterday showed that inventories unexpectedly rose last week in the U.S., the world’s largest energy consuming country. Oil prices dropped as much as 2.2 percent to their lowest level in a week after the Energy Department said crude stockpiles rose 128,000 barrels last week, compared with forecasts for a 1.15 million barrel reduction. U.S. jobless claims increased more than estimated. They peaked in April in the midst of the worst recession since the Great Depression. “We’re not seeing anything to suggest demand is recovering, so there’s nothing on the fundamental side that would suggest prices would be this high,” said Bill O’Grady, chief market strategist.....Complete Story
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