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- Oil declined from a four-month high
Oil declined from a four-month high
Oil
declined from a four-month high as the International Monetary Fund cut its global
growth forecasts and on speculation that
Prices
dropped for the first time in five days as the dollar strengthened against the
euro after the IMF projected a second year of contraction in the euro region.
The world
economy will expand 3.5 percent this year, less than the 3.6 percent forecast
in October, the Washington-based IMF said today in an update of its World
Economic Outlook report. It expects the 17-country euro area to shrink 0.2
percent in 2013, instead of growing 0.2 percent as forecast in October, as
Stockpiles
probably increased 2 million barrels last week after production reached a
20-year high, a Bloomberg survey showed.
West Texas Intermediate crude for March delivery fell to $96.20 a barrel on the New York Mercantile Exchange.
Brent for March settlement climbed 20 cents to $112.62 a barrel on the London-based ICE Futures Europe exchange.
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