Oil Rally Stalls as Rising U.S. Stockpiles Counter Economic Data

Bloomberg reports that Oil failed to extend yesterday’s gains as rising crude stockpiles in the U.S. countered signs of an improving economic outlook in the world’s biggest consumer.

The market news is quoted as saying:

Futures rallied 1.3 percent yesterday, the most in two weeks, after Commerce Department data showed December purchases of new homes climbed more than economists estimated. A report today will probably say durable-goods orders also rose, according to a Bloomberg News survey. Crude supplies climbed four times more than forecast last week while fuel demand dropped, according to the U.S. Energy Department.

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