Oil traded near its lowest in a week in New York on concern that the global economic recovery is faltering and fuel demand will decline.
Crude stockpiles climbed the most in more than a month, according to the American Petroleum Institute. The Energy Department will release its own data later today. The Organization of Petroleum Exporting Countries is likely to keep production levels steady when it meets next week, according to a Bloomberg survey. An official at one of OPEC’s Middle East members said output needs to be raised by as much 1 million barrels a day.
Crude stockpiles climbed the most in more than a month, according to the American Petroleum Institute. The Energy Department will release its own data later today. The Organization of Petroleum Exporting Countries is likely to keep production levels steady when it meets next week, according to a Bloomberg survey. An official at one of OPEC’s Middle East members said output needs to be raised by as much 1 million barrels a day.
