Oil Declines on Increasing Supplies

Source: Bloomber
© Scanpix/Reuters
Oil traded around the one-month low after declining for 5 days, posting the longest period of loss since October, amid concerns that a government report will show supply increase in the U.S., the largest crude consumer. Gasoline inventories are expected to reach eight-month high, while distillate supplies may increase for a second week. The contract for January-delivery crude was settled at $85.74 a barrel, after falling 37 cents to $85.56 on Monday, the lowest since November 15. Prices fell 13% in 2012, which is the first annual decline since 2008.

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Tue, 11 Dec 2012 16:00:08 GMT

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