Oil dropped from a 17-month high after a government report showed a larger-than-forecast increase in US crude stockpiles and an unexpected gain in gasoline supplies, and as the dollar’s decline slowed.
Crude oil for May delivery fell as much as 47 cents to $83.65 a barrel in electronic trading on the New York Mercantile Exchange.
Yesterday, the contract rose $1.39, or 1.7 percent, to $83.76, the highest settlement since Oct. 9, 2008.
Brent crude oil for May settlement traded at $82.38 a barrel, down 32 cents, on the London-based ICE Futures Europe exchange.
