Oil Falls for Fifth Day as U.S. Stockpiles Seen Adding to Glut - Bloomberg

Oil Falls for Fifth Day as U.S. Stockpiles Seen Adding to Glut - Bloomberg:



"Oil fell for a fifth day amid speculation that U.S. inventories will increase, exacerbating a global supply glut that’s driven prices to the lowest levels in more than five years.



Futures dropped as much as 1.7 percent in New York in the longest losing streak since August. Crude stockpiles in the world’s biggest consumer probably expanded by 700,000 barrels last week, a Bloomberg News survey showed before an Energy Information Administration report today. China, the second-largest oil user, won’t drive a market rebound in 2015 as its net imports will slow, Citigroup Inc. said.



Oil slumped by almost half last year, the most since the 2008 financial crisis, as the U.S. pumped the most crude in more than three decades and the Organization of Petroleum Exporting Countries resisted calls to cut output. The market’s oversupply may take “months or years” to be absorbed, according to United Arab Emirates Energy Minister Suhail Al Mazrouei."



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