BLBG: Oil Trades Near Lowest in a Week on Signs of Rising U.S. Supply
By Grant Smith and Ann Koh
Sept. 1 (Bloomberg) -- Crude oil traded near its lowest level in a week on signs that an oversupply of crude in the U.S. is growing as economic recovery sputters.
An Energy Department report today will probably show U.S. crude inventories increased 0.3 percent to 1.2 million barrels last week, according to a Bloomberg News survey, putting stockpiles at their highest level since July 23. Yesterday the industry-funded American Petroleum Institute reported an increase of 4.77 million barrels for the period.
The October contract traded for $72.02 a barrel, 10 cents higher on the New York Mercantile Exchange as of 8:39 a.m. London time. Yesterday, it fell $2.78, or 3.7 percent, to $71.92, the biggest drop since June 4 and the lowest settlement since Aug. 24.
To contact the reporters on this story: Ann Koh in Singapore at akoh15@bloomberg.net; Grant Smith in London at gsmith52@bloomberg.net
