Oil fell in New York before a U.S. government report today that may show that stockpiles of crude declined less than analysts forecast last week, raising skepticism about growth in the world’s biggest economy.
Futures declined as much as 1 percent after a separate industry report showed inventories fell 81,000 barrels. Analysts surveyed by Bloomberg News indicated the Energy Department will say supplies fell 1.83 million barrels. Federal Reserve Chairman Ben Bernanke will hold a press conference today following a meeting of the Federal Open Market Committee in Washington.
“Statements from Bernanke regarding the state of the U.S. economy after the FOMC meeting are likely to be a decisive factor for the crude oil market development today,” Filip Petersson, Stockholm-based commodity strategist at SEB AB said. “We expect a relatively bleak picture and no indications of further support efforts.”
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