Oil Falls to a Two Week Low on Reduced Demand, Stockpile Gain

Crude oil fell to the lowest in more than two weeks as reduced demand and rising stockpiles in the U.S. will ensure adequate supplies during the North Atlantic hurricane season. Oil traded below $70 a barrel for a second day after an unexpected decline in U.S. consumer confidence and reports showed gasoline demand in the nation at the lowest in more than 12 weeks. Tropical Storm Claudette, which will be the first to make landfall in the U.S. this season, is expected to cross the coast of Florida “very soon,” according to the National Hurricane Center.....Complete Story