Oil Falls Most in Seven Weeks Amid Supply Rise, Trade Impasse
- U.S. crude stockpiles forecast to expand 1.5 million barrels
- WTI futures fell 3.2% on Tuesday, declining for second day
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Oil dropped the most in seven weeks as American crude stockpiles are forecast to rise and U.S.-China trade talks stall.
Futures fell 3.2% in New York, the biggest decline since Sept. 30. U.S. oil inventories probably rose by 1.5 million barrels last week, according to a Bloomberg survey ahead of a government report on Wednesday. Markets are also being pressured by the impasse in trade discussions between the U.S. and China. While Russia is unlikely to agree to deepen output cuts, it could extend existing curbs to support Saudi Arabia, Reuters reported.