Oil: Biggest Weekly Decline Since February

Monday, October 12, 2009

Crude Oil Futures are set for the biggest weekly retracement in more than 8 weeks. U.S. crude-oil inventories rose 5.67 mln barrels to 366.7 million last week, the highest in 19 years.

U.S. fuel demand in the first quarter fell to the lowest for the period in 11 years, the American Petroleum Institute said in a monthly report yesterday.

Nymex crude oil futures are up 12 percent year to date.

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