Oil fell in New York after an industry report showed crude and gasoline stockpiles in the U.S. increased last week, indicating demand from the largest energy consuming country may be weak. Oil declined after the American Petroleum Institute said crude inventories rose to the highest since October last year and gasoline supplies reached the highest since March 1999. An Energy Department report due Feb. 12 may also show stockpiles increased, according to a Bloomberg News survey of analysts.
“There is plenty of oil out there,” said Peter McGuire, a managing director at CWA Global Markets Pty in Sydney. “There is no shortage of supply and demand is relatively weak.” Crude oil for March delivery dropped as much as 45 cents, or 0.6 percent, to $73.30 a barrel in electronic trading on the New York Mercantile Exchange. It was at $73.48 at 9:53 a.m. Singapore time. Yesterday, the contract rose 2.6 percent, the most in a week, to settle at $73.75. Futures have lost more than 7 percent this year.
U.S. crude stockpiles gained 7.2 million barrels to 337.6 million in the week to Feb. 5, according to the API. Gasoline supplies rebounded 1.6 million barrels to 228.8 million. The Energy Department’s weekly report may show crude inventories rising by 1.5 million barrels and gasoline by 300,000 barrels, based on the median of analyst estimates.....Read the entire article.
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