Oil Trades at Two-Week Low
Rising U.S. stockpiles credited
Oil traded near the lowest close in more than two weeks in New York after an industry report showed rising crude stockpiles in the U.S. and Saudi Arabia was said to be taking action to lower prices.
Futures were little changed after slipping for a second day yesterday. U.S. crude supplies gained 2.4 million barrels last week, the American Petroleum Institute said. An Energy Department report today may show they rose 1 million, according to a Bloomberg News survey. Saudi Arabia is pumping about 10 million barrels a day and will produce more if customers demand it, an official with knowledge of the matter said. The country's output is near the highest level in more than three decades.