Oil fell in New York as investors bet that crude stockpiles in the U.S., the world’s biggest consumer of the commodity, fell less than forecast last week. Brent crude in London widened its premium over U.S. futures. New York oil slipped as much as 0.8 percent after the American Petroleum Institute said yesterday crude supplies increased by 2.57 million barrels last week. A separate Energy Department report today was forecast to show stockpiles declined by 1.3 million barrels. “API data were mixed-to-negative,” Tom Pawlicki, a Chicago-based analyst at MF Global Holdings Ltd., said today in a note. “Energy prices are expected to trade in a mixed-to- lower direction in the near term.” Crude for November delivery slipped as much as 65 cents to $86.27 a barrel in electronic trading on the New York Mercantile Exchange and was at $86.64 at 8:40 a.m. London time. Yesterday, the contract advanced 1.3 percent to $86.92. Prices are up 18 percent from a year ago. Brent oil for November settlement gained 20 cents t0 $110.74 a barrel on the London-based ICE Futures Europe Exchange. The European benchmark contract’s premium to U.S. futures widened to $24.10 after closing at $23.62 yesterday. The spread settled at a record $26.87 on Sept. 6. Gasoline Supplies Increase U.S. gasoline stockpiles climbed by 62,000 barrels last week, the American Petroleum Institute data showed. A Bloomberg News survey indicated today’s Energy Department report will show inventories increased 1.35 million barrels, according to the median of 16 analyst estimates in the survey. The industry-funded API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey. Oil pared declines today after the Conference Board said that a preliminary measure of its July leading indicator for China rose, signaling the nation is withstanding the global slowdown. The International Monetary Fund yesterday cut its forecast for China’s growth this year to 9.5 percent from the 9.6 percent projected in June. The Washington-based lender said the U.S. economy will expand 1.5 percent, down from 2.5 percent. Brent crude’s price will drop in the fourth quarter as global demand slows and production increases in Libya and the North Sea, Bank of America Corp. said in a note dated Sept. 19. It will average $102 a barrel in the three months ended Dec. 31, said New York-based commodity strategist Francisco Blanch. Libya’s Return Libya’s Arabian Gulf Oil Co. will be ready to export 1 million barrels of crude within a week as its marketing department evaluates several offers for shipments, Hassan Bolifa, a company official, said yesterday. Fighting in the African nation since February has reduced the availability of light, sweet crude, or oil with low density and sulfur content. The country’s output fell to 45,000 barrels a day last month, according to Bloomberg estimates, compared with the 1.6 million barrels a day the nation pumped in January. The first North Sea Forties crude cargo for October loading was deferred, and a third September shipment was delayed to next month, according to a revised export program obtained by Bloomberg News. Forties is one of four North Sea crude grades used to price Dated Brent. To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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