Oil Declines on Expectation Inventories Will Advance: Report
Oil fell for the first time in three days in New York on expectations that U.S. stockpiles rose from a three-month low last week, Bloomberg reported.
Prices dropped as much as 0.6% as inventories probably rose 2 million barrels in the week ended Jan. 4, according to a Bloomberg survey before an Energy Department report tomorrow. Prices extended losses as U.S. stocks retreated as investors awaited fourth-quarter earnings reports.
Crude oil for February delivery slid 27 cents, or 0.3%, to $92.92 a barrel on the New York Mercantile Exchange, down 8.5% from a year earlier.
Brent oil for February advanced 30 cents, or 0.3%, to $111.70 a barrel on the London-based ICE Futures Europe exchange.
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