Oil Falls for a Third Day on Ample U.S. Supplies, Demand Drop

Bloomberg reports that Oil declined for a third day on skepticism that a rebounding U.S. economy will reduce surplus inventories.

The market news is quoted as saying:

Oil fell as much as 1 percent as supplies at Cushing, Oklahoma, the delivery point for New York-traded West Texas Intermediate, climbed to the highest level since at least 2004, the Energy Department said last week. Gasoline rose 6.15 million barrels to 236.2 million in the week ended Jan. 28, the highest level since March 1993, the department reported Feb. 2.

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