Oil Falls to a Two-Week Low on Reduced Demand, Stockpile Gain - Bloomberg

By Yee Kai Pin and Gavin Evans Aug. 17 (Bloomberg) -- Crude oil fell to the lowest in morethan two weeks as reduced demand and rising stockpiles in theU.S. will ensure adequate supplies during the North Atlantichurricane season.

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Oil traded below $70 a barrel for a second day after anunexpected decline in U.S. consumer confidence and reportsshowed gasoline demand in the nation at the lowest in more than12 weeks. Tropical Storm Claudette, which will be the first tomake landfall in the U.S. this season, is expected to cross thecoast of Florida “very soon,” according to the NationalHurricane Center . “The supply risk premiums coming out of the hurricaneseason will be relatively mild,” said Toby Hassall , a researchanalyst at Commodity Warrants Australia Pty in Sydney. Investorsare “not going to be quite as jittery given we don’t have thatdemand-supply tightness” of previous years, he said.

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