“Oil slid from the highest level in five weeks as increasing crude stockpiles in the U.S. and declining industrial output in Europe fanned concern that global demand may weaken.
Futures in New York dropped as much as 0.5 percent. U.S. crude inventories rose 2.04 million barrels last week, the fifth gain in six weeks, the American Petroleum Institute said yesterday. Euro-area manufacturing shrank for a ninth month in April, while France, Italy and Greece will hold elections this weekend. Prices advanced 1.2 percent yesterday after an index of U.S. manufacturing increased at the fastest pace in 10 months.
“Concerns about Europe continue to weigh on risk,” Michael Hewson, a London-based analyst at CMC Market, which handles about $240 million a day in U.S. crude contracts, said today in an e-mailed response to questions. “There’s still a lot of uncertainty ahead of this weekend’s political events in France, Greece and Italy. Economic data continue to disappoint in Europe.”
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