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| Sign for the United States Department of Energy building in Washington DC (Photo credit: Wikipedia) |
Oil fell for a seventh day in New York, its longest run of declines since December 2009, as hopes for a solution to Europe's debt crisis receded, U.S. supplies rose and Chinese imports fell.
West Texas Intermediate oil fell as much as 0.5 percent. Crude inventories rose 3.7 million barrels last week to 379.5 million, the highest level since 1990, even as fuel supplies shrank, Department of Energy data showed. The euro pared gains against the dollar as Greece struggled to form a government and the cost of insuring against a Spanish debt default increased to a record. China, the world's second-biggest oil consumer, reduced net crude imports to the least in fourth months... Continue to read.
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