Oil drops from one-month high
Oil slid from the highest level in a month in New York on signs that yesterday's gains were excessive amid speculation stockpiles rose for a third week in the U.S., the world's largest consumer of crude.
West Texas Intermediate dropped as much as 0.8 percent after climbing 2.7 percent. Crude inventories in the U.S., the world's biggest oil user, probably increased by 1 million barrels last week, a Bloomberg News survey showed before an Energy Department report tomorrow. Prices surged yesterday as Israeli ground forces prepared to enter the Gaza Strip for the first time in almost four years "The market remains well-supplied," Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, who forecasts WTI futures will rise above $90 a barrel before the end of the year.