Oil fell in New York, heading for the biggest quarterly decline since 2008, as investors speculated reports will show slowing global growth that may curb fuel demand amid rising U.S. supplies. Futures slipped as much as 1.9 percent, after the biggest gain in four months yesterday. U.S. gasoline stockpiles rose the most in five weeks, according to the American Petroleum Institute. Commerce Department data today may show U.S. durable goods orders fell and a report tomorrow may confirm European consumer confidence slid to a two-year low in September. Front- month Brent futures are poised to drop relative to longer-dated contracts, Citigroup Inc. said in a note. “We can’t see at this point the price of oil wanting to rally significantly higher than where it is on the back of the weak demand coming out of the U.S.,” said David Lennox, a resource analyst at Fat Prophets in Sydney. “Oil will probably trade between $80 and $90 for the near term.” Crude for November delivery slid as much as $1.59 to $82.86 a barrel in electronic trading on the New York Mercantile Exchange and was at $83.07 at 3:14 p.m. Sydney time. The contract yesterday climbed $4.21, or 5.3 percent, to $84.45. It was the biggest gain since May 9. Oil is down 6.5 percent this month and 9 percent this year. Prices have dropped 13 percent from the end of June, the biggest quarterly loss since the three months ended December 2008. Fuel Supplies Brent crude for November settlement fell $1.02, or 1 percent, to $106.12 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $23.05 to U.S. futures, compared with a record $26.87 on Sept. 6, based on front-month settlement prices. U.S. gasoline supplies increased 4.6 million barrels last week, the API said. An Energy Department report today was forecast to show a gain of 1 million barrels, according to the median estimate of 15 analysts surveyed by Bloomberg. Crude stockpiles rose 568,000 barrels, according to the API report. The 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. Most advanced economies are lapsing back into recession while the U.S. is already in the throes of an economic contraction, Nouriel Roubini, co-founder and chairman of Roubini Global Economics LLC, said yesterday in a panel discussion at the Bloomberg Dealmakers Summit in New York. Demand Slump Orders for U.S. durable goods probably fell 0.2 percent in August, according to the median estimate of economists surveyed by Bloomberg before today’s report. The U.S. is the world’s biggest crude consumer, accounting for 21 percent of global demand last year, according to BP Plc’s annual Statistical Review of World Energy. The European Union accounted for about 16 percent. A return of Libyan crude production and weakening refinery margins may lead to a narrowing in the premium of prompt Brent oil relative to future contracts, Citigroup Global Markets Inc. said in a note e-mailed today, dated Sept. 26. The Seamagic, an oil tanker managed by Greek shipping company Thenamaris Ships Management Inc., started loading a cargo of crude oil from two Libyan ports on Sept. 26, according to two people with direct knowledge of the transaction. 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. Oil in New York has technical support along its lower Bollinger Band on the daily chart at around $80.35 a barrel today, according to data compiled by Bloomberg. Bollinger Bands, which plot support and resistance levels based on volatility, are used by investors to determine entry points for buying or selling contracts. 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 in Singapore at akwiatkowsk2@bloomberg.net

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