Oil Drops on Rising US Fuel Supplies, Slowing Economic Growth - BusinessWeek

Nov. 23 (Bloomberg) -- Oil dropped from a three-day high in New York as investors speculated that rising gasoline stockpiles in the U.S. and slowing economic growth in Europe will reduce demand for fuel.

Visit http://aiginsuranceproducts.wordpress.com/ for AIG Insurance Products News / Review

Futures slipped as much as 1.7 percent before data today that may show shrinking manufacturing and services in Europe this month and falling U.S. durable-goods orders in October. The American Petroleum Institute said motor-fuel supplies climbed 5.42 million barrels last week. The U.S. economy expanded less than previously estimated in the third quarter, Commerce Department figures showed yesterday. Crude oil for January delivery slid as much as $1.62 to $96.39 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.51 at 3:27 p.m. in Singapore. The contract gained 1.1 percent yesterday to $98.01, the highest close since Nov. 17. Prices are up 19 percent from a year ago.

Oil Drops on Rising US Fuel Supplies, Slowing Economic Growth - BusinessWeek