BLBG: Oil Falls First Time in 4 Days on Outlook That Supplies Gained
Crude oil fell for the first time in four days on speculation that supplies probably rose as refineries operate at the lowest rate since the aftermath of Hurricanes Gustav and Ike in October.
U.S. crude stockpiles probably increased 1 million barrels in the week ended Jan. 2, from 318.7 million the week before, according to the median forecast of seven analysts surveyed by Bloomberg.
Oil for February delivery fell 34 cents, or 0.7 percent, to $48.47 a barrel at 11:04 a.m. in trading on the New York Mercantile Exchange. Earlier, it touched $50.47, the highest since Dec. 1.
The U.S. Energy Department is scheduled to release its weekly report on inventories of crude oil and fuels at 10:30 a.m. tomorrow in Washington.
